Bank of Mexico stresses risks stemming from state-owned oil company
Pemex provides 20% of Mexico’s fiscal revenues, but is grappling with high debt and falling output
The Bank of Mexico is warning the financial difficulties of state-owned oil firm Pemex are becoming one of the main risks to the economy’s outlook.
“Pemex has a structural problem and the measures announced just address short-term difficulties,” said Jonathan Heath, deputy governor at the Bank of Mexico, in an interview with major TV broadcaster Televisa on March 6.
Pemex’s financial debt is more than $100 billion and it faces large repayments this year, while its production has progressively
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