President Andrés Manuel López Obrador called on G20 leaders for financial support for the poorest nations that have suffered from the crisis generated by the COVID-19 pandemic.
In his second virtual participation at the summit, he highlighted the way his government has addressed the pandemic crisis. He said that it was useful for Mexico to abandon “the economic recipes applied during the neoliberal period, starting with discarding the strategy of borrowing the people to rescue those above.”
He said that thanks to austerity and anti-corruption measures his government did not have to resort to new loans.
Read: “The family is the main social security institution,” AMLO said at the G20 summit
Although no more debt was contracted, the representative acknowledged that debt did increase from 44.8 to 51.1 points of GDP.
“The same has happened all over the world, debt grew from the pandemic an average of 20% and if we don’t address this issue in the future it’s going to become another threat to economic stability,” he added.
He made two requests to the leaders of the world’s 20 most important nations:
Make a commitment to take away amounts of debt and debt service to poor nations around the world a reality.
Ensure that middle-income countries can access credits with interest rates equivalent to those in force in developed countries.
López Obrador stressed that despite the COVID crisis, in the two years of his government the peso has not depreciated and the income of the public treasury has declined very little: 2% of the year He was entrusting that by March 2021 it would reach the 20.5 million jobs that he had registered with IMSS before the pandemic.
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