Mexico Pledges $16Bln To Combat Economic Crisis, Consequences Of COVID-19 - President

MEXICO CITY (UrduPoint News / Sputnik - 25th March, 2020) Extra-budgetary funds worth 400 billion pesos (about $16 billion) and concessional loans to small businesses will help Mexico cope with the economic crisis and the consequences of the coronavirus outbreak, Mexican President Andres Manuel Lopez Obrador said on Tuesday.

"We have a non-deficit budget and an additional 400 billion pesos, which allows us to support all social security programs without exception. This gives us the opportunity to withstand the fall in oil prices, and at the same time lower gas prices," the president said during a press conference.

Lopez Obrador added that the crisis would not affect the main infrastructure projects of his administration, including Mexico City's new airport of Santa Lucia, Maya trains and Dos Bocas refinery, as well as programs for the construction of roads and highways.

According to the president, the government plans to provide financial support to small businesses and expects a quick economic recovery.

"Economic recovery is about to begin. In due time, we are going to provide interest-free loans or loans with very low interest rates to a million small enterprises � hotels, snack bars, workshops, which, unfortunately, will suffer in the economic crisis," he said.

The Mexican Health Ministry said on Tuesday that the coronavirus epidemic in the country was moving into the second phase, which is characterized by a local spread of infection and the inability to track its source. The total number of registered COVID-19 cases in Mexico amounted to 367, four people died. Most of the COVID-19 patients identified in Mexico have mild symptoms and do not need intensive care units.