Is another bailout coming to Pemex?
The director of Banobras, Jorge Mendoza, dropped a bombshell in the Congress of the Council of the Americas: the fund of 250 billion pesos that they opened last year for Pemex could be expanded. It all depends on what President Claudia Sheinbaum asks for. “If you ask us to expand the program, we will be ready with liquidity,” Mendoza said.
“Obviously if the president asks us to expand the program that was carried out last year, then we will also be ready with liquidity”
How does the financial circus work?
Mendoza explained that this money is not a gift, but rather an injection for Pemex to free up resources and pay its suppliers. The promise: no supplier will be left hanging. The government uses several mechanisms to cover these commitments.
The financing umbrella
But not everything is for Pemex. Banobras also seeks to create a “financing umbrella” for electricity generation projects. The idea is that medium and small companies that comply with regulations have faster access to credit, without the bottleneck of individual analyses.
“What we have been seeing is that on many occasions for sectors where there are going to be many medium and small players we are looking for centralized mechanisms”
The drama is served: while Pemex continues to be the darling of the budget, the small players hope that the umbrella does not close just when it starts to rain.
