• MOVE: The López Obrador administration made the extraordinary move to close 281 state trusts devoted to a wide array of tasks across Mexico -from environmental protection to education grants-, an action aimed at redirecting the equivalent of US $10 billion to confront the economic downturn.
• PRIORITIES: Through a decree published Thursday night, President Andrés Manuel López Obrador says he will use these trusts’ money to help the reactivation of the economy, pay off public debt, strengthen his signature social programs and help the state-owned oil company Pemex.
• SAVINGS: “Only with trusts and funds around us can we collect a total of 250 billion pesos (US $10 billion). It is important, because we would be talking about a point of Gross Domestic Product. It helps us. This in addition to other savings measures”, López Obrador said.
• ANNOUNCEMENT: Facing contraction forecasts of up to 8% of GDP this year, Mexico has yet to announce a comprehensive economic relief program to surpass the coronavirus economic crisis. It is expected that on Sunday, López Obrador will disclose his plan.
