Friday, December 03, 2021

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Mexico analyzes paying foreign debt with money from the IMF

Mexico analyzes paying foreign debt with money from the IMF

Mexico, Aug 29 (Prensa Latina) The head of the Treasury of Mexico, Rogelio Ramírez, told deputies of the Morena party today he is evaluating allocating the 12 billion dollars received from the International Monetary Fund (IMF) to pay debt.
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In a plenary session of legislators, he pointed out this is feasible, since the Bank of Mexico could issue regulation bonds that pay a higher interest rate than would be paid with the issuance of debt certificates, to acquire foreign currency

Ramírez de la O stressed these resources are not part of a loan requested by Mexico, but that it was the IMF itself that, at the initiative of the G20 representatives, distributed these monies to support governments in the face of the lack of liquidity generated by the pandemic. of Covid-19.

Sectors in the United States have expressed their opposition to the countries that receive some of the 650 billion dollars in Special Drawing Rights released by the IMF, using it to pay debts.

Mexico insists that it is the best thing to benefit the economy and will make all the necessary steps to achieve it.

Ramírez, who makes his debut in that portfolio, said the three axes that direct the country’s economic and tax policy for the second half of the six-year term are the maintenance of social support for well-being, not to exceed the indebtedness authorized by the Congress of the Union and focus limited resources on physical investment projects to interconnect regions.

Not diverting resources to pay debt is the right thing to do if the opportunity is offered to use the money released by the IMF for that obligation, he said.

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