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Weekly Report - 15 February 2024 (WR-24-06)
MEXICO: Another lifeline for Pemex
Mexico’s President Andrés Manuel López Obrador has granted yet more fiscal support to indebted state-owned oil company Pemex. In a presidential decree issued on 13 February, López Obrador ordered tax breaks for the company which equate to between M$70bn (US$4.1bn) and M$110bn (US$6.4bn), according to different estimates. The new fiscal lifeline comes days after international credit ratings agency Moody’s further downgraded Pemex’s ratings.
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