Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, June 26 -- The International Monetary Fund issued the following news release:
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Mexico City:
"I was delighted to be back in Mexico. I have had the honor of meeting with President Enrique Pena Nieto, Finance Minister Luis Videgaray, Central Bank Governor Agustin Carstens, as well as some of Mexico's leading representatives of small and medium-size enterprises and micro finance.
"I had the privilege to speak at the first Seminar of Mexico'sNational Council of Financial Inclusion hosted by President Pena Nieto today. I congratulated him on the introduction of the National Policy on financial inclusion, which will help consolidate and focus the efforts of the Government and the private sector in this area and foster the development of solutions to financial exclusion and poverty in Mexico.
"As I was reminded in my interactions with representatives of micro finance institutions and small and medium-size enterprises over the last two days, greater financial inclusion is a proven mechanism through which governments can work to reduce inequality and strengthen the role of women in the economy. Improved access to finance allows households to smooth out consumption over time and insure against risks. It also encourages entrepreneurship, and it may allow small businesses to grow beyond subsistence and informality, and ultimately contribute to strong and durable growth and job creation.
"This visit was also an opportunity to discuss economic developments in Mexico. The country's economy has been resilient in the face of a sluggish U.S. recovery and sporadic global volatility after the global financial crisis. I commend the authorities for adopting a comprehensive set of structural reforms last year that will reshape and transform Mexico's economy and support faster growth and improve living standards over the medium term."
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