Banxico launches a new economic plan

Off the Record features fact-checked news written by journalists and contributors to EL UNIVERSAL

Banxico launches a new economic plan
The Bank of Mexico is led by Alejandro Díaz de León - Photo: File Photo/EL UNIVERSAL
English 22/04/2020 11:09 Mexico City Off the Record Actualizada 11:20
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Banxico launches a new economic plan

The Bank of Mexico, led by Alejandro Díaz de León, decided to implement an MXN $750,000 million capital injection to the financial system in order to face the negative effects COVID-19 is having on the economy. We’ve been told this decision was meant to improve the mood of society. The announcement was accompanied by a cut in the interest rate, which is also a crucial message to small companies, who have felt abandoned by the government when it decided to only support a sector of society: the poor. Although it is great that President López Obrador helps the poor, this is not enough to face the imminent economic recession. Now we wonder when will the Finance Minister say something? Will he say the Banxico’s plan is neoliberal?

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It’s time for extreme austerity measures

We’ve been told that at the President’s office, no one was surprised that President Andrés Manuel López Obrador said that if the President’s office spent MXN $800 million in 2019, this year it will cut its expenses and spend half of that amount in 2020. The President’s aides are wondering what more expenses could they cut and what else can they do to save money. This is the time to show who is working for the President as a personal conviction and faith om his project. Who will stick to Franciscan poverty?

Recommended: Mexico: An incongruous austerity

When did López-Gatell decide to enter phase 3?

Those who don’t believe in the numbers released by Dr. López-Gatell in regards to confirmed COVID-19 cases and deaths include several governors. Some wonder what happened between April 20 and 21 since Dr. López-Gatell didn’t announce Mexico was entering Phase 3 of its contingency plan on April 20, instead, the announcement was made next morning, during President López Obrador’s news conference. Did López-Gatell privileged politics over technical rules? Or did things got worse in a few hours?

Recommended: Mexico enters Phase 3 of its contingency plan to fight COVID-19

Victims of human rights violations will receive financial aid

We’ve been told that the Executive Commission for the Attention of Victims has gathered MXN $100 million for victims. The commission will give three months' worth of housing and food aid to those who have been victims of federal crimes or whose human rights were violated. We’ve been told that the announcement will be made today. To have access to the resources, people have to be registered before the Nationa Registry of Victims

Recommended: Mexico has to improve its human rights policies


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