Mexico's government will likely announce 'significant' new measur...
MEXICO CITY - Mexico’s government will likely announce “significant” new measures to help Pemex later this month, Finance Minister Carlos Urzua said on Friday, as the state oil company tries to avert a threatened credit rating downgrade to “junk.”
To date, solutions favored by Lopez Obrador, a leftist populist who ran on a promise of strengthening the Mexican oil giant, focus on rooting out corruption from within the company while directing more public financing its way. Urzua on Friday emphasized that mounting debt problems at Pemex must be addressed because “sooner or later” they will damage the country’s sovereign debt.
“This has given the company an extra funding stream of around 3 billion to 3.5 billion pesos per month,” said Urzua, which at the current exchange rate works out to monthly savings of between $154 million and $180 million.
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