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After it was confirmed that the World Bank had granted a USD 1 billion loan to Mexico, the Finance Ministry said this loan is within the debt limits approved by Congress for 2020.
Finance Deputy Secretary Gabriel Yorio explained that these credits are meant for public policy plans, part of a general financing plan and that the debt was not contracted for a specific program. It was emphasized that the loan won’t be used to face the COVID-19 pandemic.
Later, President López Obrador said the $1 billion loan is a “routine operation” and that it was requested in 2019. He doubled down on his intention not to increase public debt during his presidency.
López Obrador said his administration aims to save MXN 500,000 million this year by canceling several trust funds; the money will be implemented in welfare programs.
Recommended: Mexican economy to contract by 6% in 2020, the World Bank forecasts
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