LatinNews Regional Monitor: Mexico - 30 January 2020

* The general director of Mexico’s state-owned oil company Pemex, Octavio Romero, has reported that the firm’s debt stood at M$1.95trn (US$103.2bn) at the close of 2019. The figure is lower than the M$2.08trn reported by Pemex in 2018. Romero said that the M$127bn reduction in the debt was the result of the M$107bn financial rescue package that the government led by President Andrés Manuel López Obrador has implemented since it assumed office in December 2018 to shore up Pemex’s finances. This involved the restructuring of the company to cut costs; the reduction of its tax burden; and the refinancing of its debts. Romero celebrated “We have managed to reduce the debt… Pemex’s debt has fallen in real terms last year.” Despite the improvement Pemex remains one of the world’s most indebted oil firms.  

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