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President Andres Manuel Lopez Obradorrecommended this Friday to his successor, Claudia Sheinbaumthat the government continues direct capital injection into Petroleos Mexicanos (Pemex), which under the current administration has received 952 billion pesos Treasury.
“Yes, of course (I would recommend this to Sheinbaum), It’s better for the nation, it’s good for Mexico.“Of course, the influence peddlers don’t like this,” the president responded to a specific question this morning at the National Palace.
The president defended the direct transfers his administration provided to Pemex, which were 561 billion pesos to pay off the debt and the rest for infrastructure, as the director of the State Oil Company stated in May, Octavio Romero Oropesa.
Pemex, the world’s most indebted oil company, has debt fell nearly 25% over that six-year period. (2018-2024) now stands at $99.4 billion, down from the previous $132.3 billion, Lopez Obrador added.
The President stated that “Pemex rescue succeeded” also noting that there is now production 1.8 million barrels per daycompared to 1.65 million in 2018.
And moving forward, I’m very pleased because the president-elect agrees with our view that these public companies are strategic, and we cannot leave the management of the energy sector to the market alone because the nation’s consumers are involved.
His statements came against the backdrop of Alerts from international financial organizations for the burden that Pemex represents for the government, as it was Moody in February when downgraded to “Ca” from “Caa3” the oil company’s credit rating, causing it to lose investment grade status with the rating agency.
But Lopez Obrador foresaw this. Policy won’t change when Sheinbaum takes office October 1st.
«There are those who are waiting for the turn to happen or that there is a rollback to neoliberal policies, because I would advise them to better embrace these economic policies. will continue and it has also proven effective“, warning.
EFE
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
