Claudia Sheinbaum, the affluent victor in Mexico’s presidential election, has communicated that her rival contenders have acknowledged her victory. From Mexico City, she announced her position as Mexico’s first female president, as soon as the official electoral announcements exhibited her unassailable lead. She further stated, “We’ve proven that Mexico embodies democracy, conducting free and fair elections”.
The outgoing President Andrés Manuel López Obrador’s popularity played a significant role in Sheinbaum’s overwhelming win, representing the incumbent party. Notably, Sheinbaum had previously served as the mayor of Mexico City. According to INE electoral institute’s quick count released on Sunday, she won the presidential election.
The swift counts suggest that she is anticipated to secure between 58% and 63% of the overall votes in her favour, based on three exit polls. In contrast, Xochitl Galvez, supported by an alliance of long-standing ruling opposition parties, is projected to claim nearly 27% to 30% of the votes.
Sheinbaum, a former scientist, now faces monumental challenges as she takes over a nation grappling with elevated criminal activity, substantial fiscal deficit, all legacies of Mr López Obrador’s governance.
Mr López Obrador’s tenure saw an expansion of drug cartels’ influence over Latin America’s second-most substantial economy, resulting in skyrocketing homicide rates. His term also involved substantial expenditure towards public welfare. These actions made him a champion among Mexico’s low-income earners, but put the country under the heaviest fiscal burden it has experienced since the 1980s.
There lies a delicate balance ahead for Sheinbaum, considering the prevailing 60% approval ratings of Mr López Obrador. She must maintain the legacy of the past administration while managing to address the escalating public security crisis.
Despite affirming on her campaign march that she is loyal to his vision, her ultimate responsibility lies in securing Mexico’s welfare. This comes amid Mexico’s deadliest and largest general elections recorded in contemporary history.
Amid a faltering economy, it is her responsibility to establish a durable solution for Petroleos Mexicanos, the oil company burdened with the most debt globally, that is currently a strain on the public purse. Failure to act has prompted warnings from rating agencies that the country’s investment grade could be jeopardised.
Her considerable lead furnishes her with a certain degree of flexibility. This indicates that Morena and its allied groups are positioned for a robust display in the legislature, possibly retaining power in both chambers of parliament and potentially securing two-thirds of the seats. This supermajority provides her with the authority to sanction constitutional amendments, which so far, have been beyond Mr López Obrador’s grasp. – Bloomberg