2024-02-13 18:54:00
The Mexican Government exempted the state-owned Petróleos Mexicanos from paying a series of taxes for a period of four monthswhich effectively gave the indebted oil company billions of dollars more in liquidity.
President Andrés Manuel López Obrador published on Tuesday a decree that eliminates the so-called DUC levies on Pemex for the fourth quarter and January.
AMLO presented a package of reforms and corners the opposition in the run-up to the Mexican elections
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The decree comes following a double credit rating downgrade made last Friday by Moody’s Investors Service, which warned that The company might face a debt exchange in difficulties without continued government support.
The tax relief is the latest aid to Pemex provided by López Obrador, known as AMLO, who has acted as the reactivation of the company one of the central platforms of its Governmentwhich ends this year.
Pemex in debt
Pemex’s debt has skyrocketed since the end of last year, when AMLO took the unprecedented step of allocating 145 billion Mexican pesos (US$8.5 billion) in the fiscal budget to help the company meet debt payments, following years of ad capital injections hoc and tax exemptions to support the drilling company. The 2024 budget also reduced the DUC further.
Translated by Paola Torre.
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