Home Business-newBusiness Mexico obtains a 1 billion USD loan from the World Bank to shore up financial access

Mexico obtains a 1 billion USD loan from the World Bank to shore up financial access

by Yucatan Times
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El Economista (June 8, 2020).- The loan was requested on May 19, 2020, before the agency’s Executive Board and approved on May 31.

The World Bank (WB) approved a $ 1 billion US dollars loan to Mexico to underpin development financing policies in the framework of the Covid-19 pandemic.

The loan was requested on May 19, 2020 before the Executive Board of the international organization and approved on May 31 with an initial commission of 0.25% of the total loan amount.

The loan agreement shows that the representative of Mexico for the signing of the loan was the head of the Public Credit Unit of the Ministry of Finance, José de Luna Martínez.

As explained in the Development Policy Financing Proposal (DPF), which is the document that accompanies the agreement, and is stated in report No: PGD158, the objective is “to support part of the authorities’ response to the economic and social crisis triggered by the global pandemic Covid-19. Beyond the consequences for human health and life ”.

Both documents have a stamp that clarifies “for official use only”. There they show that “it is equally important to have liquidity in the financial system and efficient digital financial channels and platforms to transfer support while eliminating bottlenecks that hinder fluid access and the intermediation of resources.”

After learning the details of the loan, the Ministry of Finance issued a statement explaining that the loan approved by the World Bank is “related to public policy actions that are part of general financing and are not linked to any specific activity.”

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