Jose Antonio Meade stepped down as Mexico's finance minister on Monday in order to register as a pre-candidate for the 2018 presidential elections, for the ruling Revolutionary Institutional Party (PRI).

Mexican President Enrique Pena Nieto embraces Finance Minister Jose Antonio Meade during an event where Mexican President Enrique Pena Nieto announced the resignation of Finance Minister Jose Antonio Meade, at Los Pinos presidential residence in Mexico City, Mexico November 27, 2017. [Photo/VCG]

The government announced that his post would be replaced by Jose Antonio Gonzalez Anaya, former director general of Mexico's state-owned oil company, Pemex, and the country's social security institute, IMSS.

In a press conference, Meade said that he would register as pre-candidate, with the PRI having set a deadline of Nov. 30 for interested parties to do.

Meade has been a regular figure in the government of President Enrique Pena Nieto, having served as minister of foreign affairs and of social development before his finance role. During the ceremony, Pena Nieto hailed Meade as  "a good man, with a vocation of service and a deep love for Mexico."

Local press reports had long expected that Meade would run and he has been widely backed by prominent members of the PRI.

Health Minister Jose Narro and Public Education Minister Aurelio Nuno both expressed their support for Meade as president, despite both having been seen as potential candidates. Another leading figure, Miguel Angel Osorio Chong, currently Minister of the Interior, also ruled himself out of the race on Monday.

Meade has broad experience in other governments. Prior to Pena Nieto's term in office, he served President Felipe Calderon, of the National Action Party (PAN) as energy and finance minister.

Meade has a law degree from the National Autonomous University of Mexico and an economy degree from the Mexico Autonomous Institute of Technology (ITAM). He has a PhD in economics from Yale and has lectured there and at ITAM.

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