The International Monetary Fund released a staff report on Mexico’s economic progress on Oct. 11 following an official visit that took place from Sept. 19-30.
Mexico’s 2020 budget, released in September, targets 1.5% to 2.5% GDP growth and a 2.1% budget deficit. It also assumes oil production will increase by 15%. The IMF forecasts GDP growth of 0.4% in 2019 and 1.3% in 2020, while Moody’s forecasts 0.5% growth in 2019 and 1.5% in 2020. Both Moody’s Investors Service and Fitch Ratings say Pemex will probably require increased government support to replace reserves and meet production targets. Mexican Finance Minister Arturo Herrera said on Oct. 4 that Pemex’s financial debt declined $5 billion to $102 billion in the third quarter.
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Source: Reuters - 🏆 2. / 97 Read more »