Mexico: President announces expansion of social programs and job creation in response to the COVID-19 crisis

Author: Progressive Farmer, DTN, Published on: 13 April 2020

“Mexico: No Business Bailout for Virus”, 4th April 2020

…Mexican President Andrés Manuel López Obrador said Sunday there will be no huge economic stimulus program as the country faces the threat of coronavirus-induced crisis almost certainly unlike any it has seen in the past century.

Instead, the administration will expand social programs, continue to prop up the heavily indebted state-owned oil company, deepen the government's austerity campaign and do everything possible to avoid taking on more debt…

The economic reactivation plan remains consistent with his administration's priority of helping Mexico's most vulnerable through greater public spending on social welfare, keeping people employed and cutting costs in the sprawling government, he said…

López Obrador promised to create 2 million new jobs over the next nine months, a seemingly incredible goal in a stagnant economy, and he gave no details on how he would do it.

He emphasized his signature infrastructure projects of a Mexico City airport, a new oil refinery and a tourist train that will circle the Yucatan peninsula will continue. The last, which has yet to begin construction, promises to create 30,000 jobs for each of its seven segments, he has said.

Other government programs pay farmers to work their land or create construction jobs through urban renewal projects improving drainage and paving roads…

Read the full post here

Related companies: Pemex