Treasury ministry spokeswoman Claudia Algorri said that Videgaray presented his resignation to Pena Nieto on Wednesday.
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Videgaray’s resignation comes a week after U.S. Republican presidential nominee Donald Trump visited Mexico to meet with President Enrique Pena Nieto.
Deputy Interior Minister Luis Miranda, who is said to be a close friend and ally of Pena Nieto, replaced Meade as the head of the social development ministry.
Trump has pledged to build a wall on the US border to keep out migrants from Mexico.
Videgaray, 48, is an economist and former investment banker with a masters from the Massachusetts Institute of Technology (MIT) and a Ph.D. from Yale University, who has overseen the country’s finances since September 2012.
That didn’t happen – Trump’s presidential and diplomatic approach disintegrated after he returned to US soil, and Peña Nieto was roundly criticized for failing to call Trump out on his inflammatory rhetoric toward the country to his face.
Speaking at a town hall last Thursday where he fielded questions from young people, Pena Nieto sought to defend the decision to invite Trump to visit. In 2014, Videgaray acknowledged he had bought a house from the same government contractor that sold a mansion to Pena Nieto’s wife, Angelica Rivera, in the administration’s deepest scandal. He notes Videgaray has been finance minister since Pena was elected three years ago, and he’s well-regarded by markets.
“It was useful for the country”, he told El Universal.
Meanwhile, Mexico was criticized for appearing to meddle in the US election process, and Pena Nieto was forced to repeatedly defend the decision to invite the candidates.
Since the meeting Pena Nieto too has been criticized heavily for accommodating such leader who has talked about anti-immigrant in his campaign.
He denied any wrongdoing or conflict of interest.
Although an investigation led by the minister for public administration cleared Videgaray and Pena Nieto of wrongdoing a year ago, critics questioned the probe because it was conducted by someone the president had picked.
The budget proposal will be under scrutiny after rating agency Standard & Poor’s last month said it could cut Mexico’s credit rating following a marked increase in debt.
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