Mexico says budget not austere as IMF, investors say spend

By Oliver West
15 Oct 2020

As even the IMF asks Mexico to spend more to prop up the economy during the Covid-19 crisis, deputy finance minister Gabriel Yorio denied accusations that the country’s forthcoming budget was austere. Despite concerns in the market about the lack of policy support for the economy, some investors see value in the country’s bonds.

Yorio told GlobalCapital’s sister paper, GlobalMarkets, it was “not fair” to call the budget “austere” as market participants backed an unusual plea by the International Monetary Fund for the government to spend more.

In its Article IV mission concluding statement, published on October 6, the IMF said that Mexico ...

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