Mexico president says will reduce Pemex’s fiscal burden

2/5/2019 – Reuters

PemezMEXICO CITY (Reuters) – Mexico’s President Andres Manuel Lopez Obrador said on Tuesday that his government will soon announce extraordinary measures to support Pemex, aiming to reduce the fiscal burden on the state oil company.

“We’re going to reduce Pemex’s fiscal burden like never before,” he told a morning news conference. “This will mean fewer resources for the government but we’re sure we’ll make up for that lack of income.”

New York-based Fitch downgraded debt issued by Pemex by two steps last week, sending the peso weaker and stoking fears that it could significantly raise the oil company’s financing costs.

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