translated from Spanish: AMLO will not back IDB loan to rescue entrepreneurs from crisis

President Andrés Manuel López Obrador said his government will not endorse the pact between the Mexican Business Council (CMN) and the Inter-American Development Bank (IDB Invest) for the $12 billion loan planned for micro, small and medium-sized enterprises going through a COVID-19 crisis.
“I don’t like the modict of them agreeing and wanting to impose their plans on us, if it’s no longer like before,” the president said.
“Imagine that the president finds out that there was already an arrangement and only the Treasury endorses it, it’s a lot of arrogance,” he added.
At his morning conference, López Obrador criticized the fact that the pact is being taken for granted by relying only on the endorsement of the Finance and Economic Secretariats, without taking into account his presidential figure.
“What do you mean, an agreement is made and the Treasury now endorses it, and what, we are in vases, of adornment?” he questioned.
The president reiterated that he would not allow the use of Treasury resources to encourage the rescue of large businessmen who are only seeking extraordinary resources from the treasury.
He said the entrepreneurship is acting “with pretentiousness in trying to impose his economic plans on the government.”
He noted that another reason for not guarantor of the loan is not to indebted to the country and not to provoke a situation similar to Fobaproa, “which has so far cost us 3 trillion pesos”.
Afores will be reviewed
The president noted that his government will review the issue of afores as soon as the pandemic ended because of the impact that the crisis will cause workers’ savings.
“We have to find a solution because if we don’t act, the workers, especially those who are retiring from 2024 who are going to start receiving less than they saved and that’s a worrying issue, that requires a bailout,” he said.
The president added that the affectation will be for workers under the 1997 Act.
“There is a problem of origin and it was a structural reform, but to harm the workers,” he concluded.
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Original source in Spanish