• DEAL: Despite his government’s blessings, Mexico’s President Andrés Manuel López Obrador lambasted a US $12 billion reverse-factoring deal between the Inter-American Development Bank (IDB) and Mexico’s private sector to help small and medium-sized enterprises (SMEs) amid the coronavirus emergency.
• FORMALITY: “I really don’t like the formality of them agreeing to something and then wanting to impose their plans on us”, said López Obrador. “How is it that they reach an agreement and (then ask the Mexican Ministry of) Finance to endorse it? Are we just supposed to stand here and look pretty?”
• REVERSE-FACTORING: On Sunday, Mexico’s Ministry of Economy celebrated the deal between the IDB’s private sector arm (IDB Invest) and the Mexican Business Council (CMN) aimed to give reverse-factoring credit lines to 30,000 SMEs. Both parties said Mexico’s Ministry of Finance also supported the deal.
• SUPPLY: “It’s important to help maintain value chains as best as possible so that once the emergency is over, they can be the engine of the economic recovery”, said Tomás Bermúdez, the IDB representative for Mexico, in an interview with Reforma newspaper on Sunday.
