Published On: Thu, May 5th, 2016

Federal government promises help for Campeche and Tabasco recovery

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On Wednesday May 4, President Enrique Peña Nieto made the following statement: “We decided to establish a special economic zone in Campeche and Tabasco.”

“It is absolutely necessary to make the public finances in these southeastern Mexico states not totally dependent on the oil industry.”

THE PLAN

Among the most important actions mentioned by the Mexican president, there must be an immediate attention to the lack of liquidity, by paying suppliers of Pemex and boosting small and medium enterprises.

“The secretariats of Social Development (SEDESOL), Economy (SE), Communications and Transport (SCT), Labour and Social Welfare (STyPS) and Tourism (SECTUR) will double the budget assigned to these two states in 2016”.

“In addition, investment on more infrastructure, and the reactivation of the fishing industry in these states is totally necessary in order to diversify their income”, said President Peña.

Oil drilling activity in Campeche has declined with the drop in oil prices.(PHOTO: contralinea.com.mx)

Oil drilling activity in Campeche has declined with the drop in oil prices.(PHOTO: contralinea.com.mx)


A GREAT DEBT WITH TABASCO AND CAMPECHE 

“Mexico owes much of its development to Tabasco and Campeche, the oil industry is one of the biggest triggers of our national economy, and now it’s Mexico’s turn to look for these two entities with a special plan,” stated Peña Nieto.

The official announcement was made in Villahermosa, in a ceremony headed by President Enrique Peña Nieto and with the participation of governors Arturo Nunez de Tabasco and Alejandro Moreno Cardenas, Campeche and several cabinet secretaries, this measure is focused on boosting activities for a less oil-dependent regional economy.

Finally, Ildefonso Guajardo, Minister of Economy, said that the recovery plan for these two states is not intended to be short term.

The main challenges facing Tabasco and Campeche are lack of liquidity and lower oil demand.

 

Source: http://expansion.mx/

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