• TURMOIL: Amidst a global financial turmoil hitting economies worldwide due to the effects of the coronavirus outbreak, Mexico is not considering implementing a fiscal stimulus package at this time, President Andrés Manuel López Obrador said.
• NEGATIVE: “A fiscal stimulus is not being considered”, said López Obrador when asked Monday about the request by the Mexican private sector. The Mexican President said that the lowering in the price of oil worldwide was in itself a stimulus and insisted on his previous plan of not raising taxes.
• REQUEST: Two large business chambers in Mexico (employers federation COPARMEX and commercial/tourism chamber CONCANACO) requested the López Obrador Administration to promptly present a fiscal stimuli plan to respond to the deteriorating economic conditions.
• ACTIONS: Despite the decreasing Mexico’s GDP outlook by several observers, the Mexican Government has only proposed increasing credit by the country’s development bank, easing access to these credit lines, and accelerating payment to Mexican government’s suppliers and creditors.
