The Mexican government plans to use money from a public income stabilization fund to help reduce the sizeable debt pile that state energy major Pemex has accumulated.
Reuters reports, quoting the countrys deputy finance minister, that the fund is worth US$15.4 billion and the government plans to make it counter cyclical.
Wed like to design it as a counter cyclical fund, like the copper funds in Chile are designed, where the resources are used not when the government wants to, but when the economy makes them necessary… In times of abundance, you put money into these resources, Arturo Herrera said, adding As a second part of the fund, wed like to use it to pay some of the debt obligations that Pemex has.
The state company has aro…
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