The President Andrés Manuel López Obrador said his government is shielded from the global financial crisis for fear ofl coronavirus and the differences between Russia and Saudi Arabia in the oil production.
“We are resisting the financial market crisis, we have healthy public finances, that helps us a lot, because we managed to shield ourselves because we did not spend more than we have on income.”
In his press conference morning, in National Palace, the head of the Executive said that in 15 months of government the public debt and increased the amount of international reserves by 10 billion dollars.
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“When we arrived at the government it was 173 billion and now there are 184 billion dollars in additional reserves.”
He explained that there is also a Stabilization Fund of 150 billion pesos to stabilize the budget if necessary.
Recognizing that the world economic situation is complicated and that yesterday the world’s stock markets were affected, the entire financial system fell, all currencies depreciated and the Mexican peso held.
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“I hope it will strengthen, weights forward, we have conditions to resist this crisis derived from the fears, founded and unfounded, of the coronavirus and the differences between Russia and Saudi Arabia for oil production.”
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