LatinNews Daily - 05 November 2020

* The executive board of the International Monetary Fund (IMF) has presented its conclusion of an Article IV consultation with Mexico, in which its executive directors “commended the authorities for taking timely action to mitigate the impact of the [coronavirus] pandemic on peoples’ health and the economy, and for maintaining very strong policies and institutional policy frameworks” .The IMF directors were divided over pandemic response policies going forward, with some recommending “a further temporary, well-communicated, and targeted near-term fiscal support”, while others judged the Mexican authorities’ current stance as “prudent”. The executive board also praised the Mexican government’s steps toward improving tax administration and the actions of the central bank in supporting the response to the pandemic. The IMF’s conclusion does, however, stress that “the large social and economic costs are likely to persist” amid the gradual and uncertain economic recovery. The IMF expects Mexico’s GDP to contract by 9% this year.

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