• SUPPORT: President Andrés Manuel López Obrador unveiled a series of actions intended to reactivate the Mexican economy that do not include any form of major support for more than 4 million small and medium-size enterprises (SMEs) amid the coronavirus shock.
• REJECTION: During a speech from Mexico’s Presidential Palace, López Obrador doubled down Sunday on his signature projects like investing many resources on Pemex, the state-owned oil company. At the same time, he said there would be no tax relief for business, not even for SMEs.
• ABANDONED: “It is disappointing. Micro and small entrepreneurs and their workers are left to fend for themselves” said Enoch Castellanos, head of the Mexican industrial business chamber (CANACINTRA). Bank of America is forecasting an 8% GDP contraction for Mexico in 2020.
• NUMBERS: Yesterday, AMLO presented some very timid measures in relation to defend business from the coronavirus crisis including facilitating loans to 806,000 SMEs firms. The average loan would be US $167. There are more than 4.1 million small and medium SMEs in Mexico, per official data.
