August 2, 2019
Mexico will likely use money from a budget surplus fund to cover shortfalls at the state-owned oil company Pemex, rather than cut spending, according to press reports.
The government will take around MXN120bn ($6.24bn) from the Fondo de Estabilización de los Ingresos Presupuestarios (FEIP) for Pemex, press reports quoted Alejandro Gaytán, chief economist at the finance ministry, as saying.
FEIP had MXN296bn at the end of June this year, according to the finance ministry.
The finance ministry
Government will likely use more than $6bn from FEIP to cover the state-owned oil company's revenue shortfalls