Treasury expresses ‘surprise’ and denies loan request to the IDB

The Ministry of Finance denied that Mexico has requested a loan for 600 million dollars from the Inter-American Development Bank (IDB), although this is indicated by the Internet portal of the multilateral institution.

The government was completely unaware of the procedure to request the loan: “it is surprising that the IDB, without an official document to support it, post a loan for which you have no documentationsince there has never been a credit program with any multilateral for these purposes”.

In an informative note, the Treasury affirms that the media used the information presented on the bank’s official website to affirm that the Mexican government seeks resources to fund social programs, which it described as “wrong”.

The Federal Government has financed social programs using resources from the fight against corruption and through the collection efficiency that has been promoted during the present administration.

The federal government’s version is that this administration has reduced the use of credit lines by multilateral banks, “since net financing has been 45% less than those carried out in the first four years of the previous administration and 80% less than the one carried out during the first four years of the 2007-2012 administration”.

In the released note, the Treasury says that “has never officially expressed interest in a project as the one quoted by some media”.

The main source of financing from Mexico is the local program. Extraordinary financing from multilaterals is only used when there is added value to specific projects.

IDB information
The Inter-American Development Bank published data on the loan project with folio “ME-L1327”, which is in the “preparation” process.

The project says that resources are sought to “Establish the bases to improve the quality of employment in Mexico through better labor representation; lower cost of resolving labor disputes; and higher coverage rates and lower social security costs.”

The project for 600 million dollars does not have public documents nor are details of which national agency would have requested the resources.

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