•   
  •   
  •   

World Mexico's president to lay out 'unorthodox' coronavirus plan to shield the poor, economy

00:10  06 april  2020
00:10  06 april  2020 Source:   reuters.com

Trump calls for $2 trillion infrastructure bill to help economy during coronavirus crisis

  Trump calls for $2 trillion infrastructure bill to help economy during coronavirus crisis Trump calls for $2 trillion infrastructure bill to help economy during coronavirus crisis"With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4," Trump wrote in a tweet.

MEXICO CITY (Reuters) - Mexico ' s President Andres Manuel Lopez Obrador on Sunday will outline measures to alleviate the economic impact of the coronavirus outbreak with a focus on shielding the poor , but is likely to resist calls to borrow heavily for a giant stimulus package.

MEXICO CITY, April 3 (Reuters) - Mexico will be able to tap around billion from various funds and trusts to alleviate the economic impact of the coronavirus pandemic, President Andres Manuel Lopez Obrador has promised to focus his response to the coronavirus outbreak on helping the poor .

Slideshow by photo services

By Drazen Jorgic

MEXICO CITY (Reuters) - Mexico's President Andres Manuel Lopez Obrador on Sunday will outline measures to alleviate the economic impact of the coronavirus outbreak with a focus on shielding the poor, but is likely to resist calls to borrow heavily for a giant stimulus package.

Governments across the globe have unleashed unprecedented spending pledges to minimise the damage to their economies from the fallout from the coronavirus, including a $2 trillion package by Mexico's biggest trading partner, the United States.

Coronavirus: Lowest number of deaths in one day since March 24 in Spain

 Coronavirus: Lowest number of deaths in one day since March 24 in Spain HEALTH-CORONAVIRUS-SPAIN: Coronavirus: Lowest number of deaths in one day since March 24 in Spain © Reuters / NACHO DOCE CORONAVIRUS: PLUS LOW NUMBER OF DEAD IN ONE DAY SINCE MARCH 24 IN SPAIN BARCELONA (Reuters) - Spain reported Friday its lowest number of deaths in one day since March 24 due to new coronavirus, fueling hope a tipping point in the epidemic that could lead the government to ease one of the strictest population confinements in the world.

Lopez Obrador, a leftist, has shown little appetite to follow in the footsteps of Mexico's northern neighbour and has pledged to put forward an "unorthodox" plan. On Saturday, he said he would try to do "all that is possible" to prevent Mexico from piling on debt.

Andres Manuel Lopez Obrador holding a sign: Mexico's President Andres Manuel Lopez Obrador talks to the media after touring a family clinic in Cuernavaca © Reuters/Mexico Presidency Mexico's President Andres Manuel Lopez Obrador talks to the media after touring a family clinic in Cuernavaca

The socialist leader has made it clear that he would focus any economic measures on shielding the poor rather than on big businesses from a coming recession, with some analysts forecasting the economy could contract by as much as 10%.

Lopez Obrador, known by his initials "AMLO", plans to tap around $10 billion from various rainy day funds and this week the finance ministry said the "buffers" for the economy include some $6.6 billion available as of the end of 2019 in the Budget Revenue Stabilization Fund.

"AMLO is not understanding the profoundness of the economic crisis that this may cause for a country like Mexico," said Viri Rios, a Mexican political analyst.

"The mechanisms that AMLO is thinking about are going to be completely insufficient to deal with this type of recession."

News to stay informed. Advice to stay safe.
Click here for complete coronavirus coverage from Microsoft News


Ahead of his address to the nation on Sunday, Lopez Obrador has faced growing criticism from opposition for not moving fast enough with relief measures amid widening calls for a hike in spending.

Mexico's opposition PRI party has criticised Lopez Obrador for planning to tap $10 billion from various funds and trusts, saying it "endangers" pension funds that have workers' resources as well as money that provides stability to national finances.

Lopez Obrador's former finance minister, Carlos Urzua, earlier this week called for Mexico to run a bigger deficit, saying it was "obvious" national governments should significantly increase public deficits during this crisis.

On Friday a group of respected economists, veteran policy makers and politicians penned an open letter to Lopez Obrador calling for his government to act quickly, warning that without unprecedented measures there could be "an economic depression and a deepening of poverty not seen in Mexico in many decades."

Mexican government's latest economic forecast projects the economy could contract by as much as 3.9% in 2020, though analysts say this figure underplays the severity of the coming recession. The government expects to run a fiscal deficit of 0.4%.

(Reporting by Drazen Jorgic; editing by Diane Craft)

Trump pledges to help Mexico meet output cuts sought by OPEC .
An agreement reached between Saudi Arabia and Russia to reduce oil production appeared to stumble after Mexico declined to cut its own output.An agreement reached on Thursday between Saudi Arabia and Russia to reduce oil production by millions of barrels per day appeared to stumble after Mexico declined to cut its own output by as much as 400,000 barrels per day. But Mexican President Andrés Manuel López Obrador said on Friday his country would reduce its production by 100,000 barrels per day, and that the United States would contribute another 250,000 barrels per day in cuts to help Mexico — a pledge that Trump seemed to confirm.

—   Share news in the SOC. Networks

Topical videos:

usr: 10
This is interesting!