Home NewsPeninsulaBeach Communities Loan, Debt, and Mega Projects in Progreso, Yucatán

Loan, Debt, and Mega Projects in Progreso, Yucatán

by Sofia Navarro
1 comment

In the coming days, the Governor of Yucatán, Mauricio Vila Dosal, is expected to submit an initiative to the local Legislative Power, requesting a loan of 3.063 billion pesos to initiate the expansion of the port and fill more than 40 hectares of sea where an “international shipyard” platform will be built.

Recently, the Secretary of the Interior, Adán Augusto López Hernández, announced this news, explaining that the federal government had authorized four billion pesos for the Progreso High Port project, but the funds had to be redirected to expedite the construction of the Tren Maya (Maya Train).

Therefore, the State Government has taken the lead in this construction, and the only way to achieve it is by acquiring debt through the endorsement of the State Congress. The main works will be entrusted to the company ICA, as part of the elevated viaduct and economic hub projects for the well-being, right there in Progreso.

The Governor himself has revealed that the construction works for this project will not exceed 12 months, meaning they will be completed before the end of his term and that of President Andrés Manuel López Obrador. He fears that if another party takes over the governorship and the presidency, the project may not be completed.

However, this debt, which is considered necessary for the state’s economic development, would make Vila Dosal the governor who has most indebted the state of Yucatán, as he has exceeded the total amount requested by his predecessors in just five months.

Currently, the public debt of the Yucatecan government exceeds 10 billion pesos, with various loans and borrowings acquired over the past 13 years. Starting from Patricio Patrón Laviada, who left a debt of 330 million pesos; Ivonne Ortega Pacheco increased it to 1.3 billion; with Rolando Zapata Bello, it reached 2.395 billion pesos, and as of the end of 2021, the current government’s debt stands at 7.4 billion 969 thousand 675.70 pesos.

In other words, from 2007 to 2021, the figure has multiplied 22.24 times, with a budget allocation of 1.065 billion 106 thousand 321 pesos for debt repayment. The capital amortization is 506 million 445 thousand 461 pesos, with an interest payment of 498 million 136 thousand 614 pesos, and the cost of interest rate hedging is 56 million 787 thousand 166 pesos.

It is worth noting that in July 2019, the PAN (National Action Party) government requested its first loan of 2.62 billion pesos for the security strategy. Later, in April of the following year, an extension of the Budget of Expenses was requested for up to 1.5 billion pesos to address the urgent Covid-19 problem. This loan must be repaid before the administration concludes.

And although attempts were made twice to obtain a loan for the state’s recovery after the pandemic, for 1.728 billion pesos over a 25-year period, it was rejected in the plenary session due to a lack of votes from the qualified majority. This debt would have been passed on to future state administrations.

TYT Newsroom

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1 comment

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