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Tuesday, July 14, 2020

“I don’t really like the modito”: López Obrador denied the government’s guarantee for IDB loans to companies

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The President of Mexico, Andrés Manuel López Obrador, reiterated that there will be no “rescue” of large companies with money from the treasury as in the neoliberal period, and he denied the government’s endorsement of IDB Invest loans. He also criticized the way in which the Mexican Business Council (CMN) reported on the agreement and considered it as an attempt to impose it. Are we here as a vase, as an ornament? He questioned.

“I do not like the way they agree and want to impose their plans on us, if it is not the same as before, before economic power and political power were the same, now no longer, now the government represents everyone, there is a separation of economic power and political power. How do you make an agreement and now that the Treasury endorses it, why are we here as a vase, as an ornament? ”said the Mexican president.

IDB Invest, the private finance arm of the IDB Group, reported that they will establish a program to deliver up to USD 12 billion in financing for companies in Mexico due to the contraction of the economy.

The program would aim to finance 30,000 micro, small and medium-sized companies with the aim of preserving jobs and supply chains, after an agreement with the Mexican Business Council, said the lender in a statement sent by email.

Through a mechanism known as reverse factoring, or supply chain financing, companies would be offered credit with an average term of 90 days, which would allow them to collect money from their sales.

Although this agreement already has the endorsement of the Secretariats of Finance and Public Credit and Economy, The federal president regretted that businessmen only see the government as an agent that only makes decisions and not as a participant and vigilant in the agreements.

The chief executive assured that he will not allow resources from the public treasury to be used to promote the rescue of large businessmen who are seeking extraordinary resources from the treasury in the coronavirus pandemic.

“To see all of this is to protect ourselves as a nation. Also, do not give corruption a chance because all this goes hand in hand with corruption ”, assured.

López Obrador considered that the business community has acted with arrogance in trying to impose its economic plans on the government and trying to revive the practices of former regimes where economic power could be imposed on the decisions of the federal Executive.

In this sense, the federal president ruled out that this comment is a new escalation in his differences with the country’s business community, However, he warned that the application of the economic formulas of the past, where the rescue of the greats should be privileged, only brought the country to ruin.

“I just see, imagine that the president finds out that there has already been a settlement and that they are only going to ask the Treasury to endorse, if they imagined it that way, or when they said that the government adheres to our economic plan, how? There is a lot of arrogance: ‘I am going to dictate what you have to do, no, ” he pointed out.

Last Saturday, the Mexican Business Council and the Inter-American Development Bank (IDB Invest) announced a plan to support micro, small and medium-sized companies for $ 12 billion, credits that would be supported by the Ministry of Finance and Public Credit, and that would benefit the generation of invoices to 30,000 small entrepreneurs.

Likewise, the IDB Invest aims to create credit lines for 3,000 million dollars in reverse factoring modality.

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