A CoronaVirus (COVID-19) resource for the Lake Chapala area

Public investment, social spending at heart of president’s economic plan

Mexico

Government rejects tax support or stimulus for business

President López Obrador said Sunday that the federal government will increase public investment and social spending, create 2 million jobs, provide loans to small businesses and individuals and adopt additional austerity measures in response to the coronavirus-induced economic crisis.

In a televised address from the near empty patio of the National Palace in Mexico City, López Obrador stressed that his administration will not bail out large companies, cut their taxes or increase public debt to support the economy as Mexico braces for a recession seen as inevitable due to the Covid-19 pandemic and the measures implemented to contain the spread of the disease.

Instead, it will strengthen actions in support of the poorest and most vulnerable, he said.

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