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Affectations in value chains will continue due to the conflict between Russia and Ukraine: G. Yorio

The effects on value chains, which began with the Covid-19 pandemic, will continue due to the political conflict between Russia and Ukraine, said Gabriel Yorio, Undersecretary of Finance and Public Credit (SHCP).

During his participation in the presentation of a World Bank report, the official stressed “that with Russia’s invasion of Ukraine in recent weeks, the effects on value chains will probably be prolonged,” without giving further details on what consequences could have on the economy.

Disruptions in value chains have been something that countries have had to deal with since the Covid-19 health crisis began and that, to date, continue to affect commodity prices. In a number of countries, inflation has reached high levels, prompting central banks to start raising interest rates.

Previously, Rogelio Ramírez de la O, Secretary of Finance and Public Credit, indicated that the agency closely monitors the conflict in Europe; however, he considered that it was premature to discount an extreme scenario for the Mexican economy and public finances due to the conflict.

“(The Ukraine thing) as it can have mild scenarios, it can have extreme scenarios. I think it is premature to be here starting to discount a program for an extreme scenario”, declared Rogelio Ramírez de la O, after the 30th Plenary Meeting of Citibanamex Advisory Councils.

Meanwhile, Gabriel Yorio said that “now more than ever” the actions carried out on the supply side make more sense, and stressed that the reforms that have been implemented in Mexico have been focused on this side.

“In the last three years, all the reforms that have been carried out are very focused on the supply side, making markets more flexible, simplifying processes,” said the Undersecretary of Finance.

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