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LatinNews Daily - 24 September 2020
In brief: Mexico announces new loan restructuring measures
* Mexico’s finance ministry (SHCP) has unveiled new measures to restructure loans for individuals and firms in order to mitigate the economic impact of the coronavirus (Covid-19) pandemic. The measures will allow borrowers to restructure their credit with lower interest rates, extended payment terms, and lower repayments. Additionally, the SHCP’s package includes regulatory measures to incentivise banks and financial intermediaries to restructure and also grant more loans. The measures will apply to 8.62m recipients of a credit scheme (CCE) implemented in March to facilitate access to loans, as well as new loan applicants. Prior to the announcement, Alejandro Carvajal, a national deputy for the ruling Movimiento Regeneración Nacional (Morena) party, said in a press conference that 7m out of the 24m people with active loans had sought some kind of extension.
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