IMF: "Mexican economy rebounding despite humanitarian, social, and economic cost from COVID-19"

Editor at National Perspectives

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President López ObradorYahoo

November 5, 2021: The Executive Board of the International Monetary Fund (IMF) concluded that the Mexican economy is "rebounding from its deepest recession in decades, driven by strong U.S. growth and the pandemic-related re-opening of sectors."

Mexico is bearing a humanitarian, social, and economic cost from COVID-19. There have been over half a million COVID-19 related deaths, under-employment remains high, poverty increased further, and youth have experienced major gaps in education.

IMF directors generally saw merit in additional well-targeted fiscal support using available fiscal space for health and education, social safety nets, and quality public investment. Favorable IMF ratings support continued growth and debt restructuring.

Mexican President Lopez Obrador said Monday, "The government is refinancing Pemex debt, considering whether the $12 billion in IMF reserves could be fully or partially used to pay off Pemex’s debt, (state-owned petroleum company). I can’t say much, but a process of refinancing debt has begun."

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PEMEXMexico News

Migration is another economic challenge for Mexico. Although the general assumption in the U.S. is that all Central American migrants and refugees seek asylum and opportunity on our side of the border, it is important to recognize that Mexico is also a major destination for the same immigrants.

For migrants fleeing precarious situations in countries such as Honduras or Nicaragua, emigrating to a nearby country under better economic and political circumstances such as Mexico is an appealing option.

President López Obrador has been rolling out a $30 billion development plan to address some of the factors, like violence and poverty, that are driving Central Americans out of their countries. Shortly after this plan was announced, the U.S. reported that it would contribute $6 billion to the effort.

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