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AMLO´s new cut against states and municipalities

by Yucatan Times
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As if the economic crisis of the coronavirus were not enough, Finance Minister Arturo Herrera announced to Mexico’s 32 governors that there will be a cut of $89 billion to state and municipalities.

MERIDA, Yucatan (Times Media Mexico) – This new cut is in addition to the one that states and municipalities had with the integration of the current federal budget, which also carried a cut in the previous year.

The head of the SHCP would have told the governors that everything is cut, except the budget allocated to the construction of a refinery in Dos Bocas, Tabasco.

In the case of Yucatan, the federal government has stopped giving more than $3.86 billion pesos in real terms from 2018 to date, which represented a serious gap in state finances.

The situation is aggravated by the economic crisis left by the Covid-19 contingency, which will leave thousands of Yucatecans unemployed due to the suspension of activities in various companies in the state.

To face this reality that is coming, Governor Mauricio Vila Dosal presented to Congress an initiative to contract one or more loans for productive public investment.

This proposal of the Executive aims to revive the economy and employment after the contingency by the Covid-19, which includes the authorization of a credit of up to $1,728 billion pesos to be used for productive public investment.

For now, the proposal has already been approved in committees and it is expected to soon be forwarded to the plenary session of Congress for approval.

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