AMLO announced the restructuring of Pemex’s debt

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President López Obrador recalled that the deposit of 12,500 million dollars from the IMF will be used to settle the pending accounts of the Public Treasury

President Andrés Manuel López Obrador reported in a morning press conference that the Ministry of Finance and Public Credit (SHCP) initiated a debt restructuring program for Petróleos Mexicanos (Pemex).

It should be noted that the man from Tabasco refrained from giving details on the matter, as he pointed out that it is a banking secret that responds to already established rules.

“I cannot speak much on the subject, because a debt restructuring process has already begun. Remember that the 12.5 billion dollars that came in, which correspond to the Public Treasury, we want them to be used to pay the debt, but it is no longer possible to report on the issue due to the principles or rules that are established.

Yes, there is a banking secret and it is for the good of the Public Treasury. Just tell them that Pemex is not adrift, it is not a company like any other, Pemex is a company of the nation, of the Mexicans, as the Federal Electricity Commission, “he said.

President López Obrador announced the start of a Pemex debt restructuring program (Photo: Reuters / Edgard Garrido)

President López Obrador announced the start of a Pemex debt restructuring program (Photo: Reuters / Edgard Garrido)

In this regard, AMLO stressed that in previous six-year terms foreign companies benefited so that these companies obtained an advantage over Mexican parastatals.”In the privatization process, what they wanted was to turn Pemex and the CFE into any other company, they gave Pemex the same treatment as Shell”

For this, he accused that mechanisms were created to limit the capacity of action of both agencies. “Now Pemex and the Federal Electricity Commission are protected, they are national companies and there can be no particular or group interest above the national interest, Pemex belongs to Mexicans and Pemex’s debt is sovereign debt, government debt. ”, He indicated.

The president pointed out that there can be no particular interest above Pemex (Photo: Reuters / Daniel Becerril)The president pointed out that there can be no particular interest above Pemex (Photo: Reuters / Daniel Becerril)

In addition, the president recalled that the deposit of 12,500 million dollars that the Bank of Mexico (Banxico) received from the International Monetary Fund (IMF) will be used to settle the pending accounts of the Public Treasury.

At the press conference on August 24, López Obrador specified that these assets will contribute to improving the country’s finances. “We are doing well and, therefore, these resources are going to be used to pay the debt, ” he said.

In this sense, he indicated that the funds corresponding to the government of Mexico, so the procedures are being carried out so that his administration can dispose of them.”This will mean a decrease in the payment of debt service, in the payment of interest and aid to the Public Treasury, these resources will not be used for any other activity, but for the payment of debt, to continue maintaining a low debt policy in order that we have a healthy, strong Public Treasury “

AMLO announced that IMF assets will be used to pay Mexico's public debt (Photo: Cuartoscuro)AMLO announced that IMF assets will be used to pay Mexico’s public debt (Photo: Cuartoscuro)

He also pointed out that throughout the world it is known that Mexico has “healthy public finances”, since the currency has not been devalued and, despite the negative effects of the COVID-19 pandemic on the economy, there is sufficient income.

” Foreign investment is arriving, the economy is also recovering, after the pandemic, and everyone accepts that we are going to grow 6% this year, all productive activities are recovering,” explained the head of the federal Executive.

For its part, Banxico revealed in a statement that the use of IMF assets is determined by the Bank of Mexico Law, “which establishes that said reserve will have the sole purpose of contributing to the stability of the purchasing power of the currency. national by compensating imbalances between the income and expenses of foreign currency of the country ”.

Source: infobae.com

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