Mexico extends measures to mitigate pandemic effects on the economy

Mexico extends measures to mitigate pandemic effects on the economy

The Government of Mexico announced on Monday the extension of the facilities to mitigate the effects on the economies of families and companies due to the sanitary measures established to combat the COVID-19 pandemic.

“The extensions of the regulatory facilities seek to support individuals and companies to mitigate the economic effects derived from the pandemic caused by COVID-19,” the Ministry of Finance and Public Credit (SHCP) of the Mexican Government said in a statement.

He informed that the measures of the National Banking and Securities Commission (CNBV) will be extended for another month to protect those who due to the pandemic may have problems to cover their credits.

The National Bank of Public Works and Services (Banobras) will extend the terms of its Infrastructure Projects programs, and of entities, such as states, municipalities and accredited organizations, he said.

The National Fund for the Consumption of Workers (Fonacot) will extend its credit relief plan by one month and the Institute of the National Fund for housing (Infonativ) will extend its protection plan for job losses and extensions to August 31.

The Treasury explained that based on the CNBV’s measures, at the end of May, loans for 916,094 million pesos (about $ 39,640 million) have been restructured for the benefit of more than seven million people and companies.

Among the most benefited sectors are those most affected by sanitary measures that limited mobilization in the country, such as those for housing, construction, leisure and education.

The development banks and the development institutes have carried out the restructuring of loans for 159,465 million pesos (about 6,900 million dollars) in favor of 300,000 companies and families.

Companies in the agricultural, housing development, infrastructure, international trade, states and municipalities sectors, as well as small and medium-sized companies, have benefited the most, the Treasury said.

To these benefits must be added the support that has been given to the mortgage and personal loans of workers in the formal sector who were affected in their income by the health contingency, I detail

The financial institutions of the popular sector restructured half a million loans, for an amount of 23,450 million pesos (about 1,014 million dollars) from families and businesses in urban, rural and indigenous areas, were restructured by financial entities, the Treasury said, the ministry added. .

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