Measures Unveiled for Mexico's Hard-Hit Oil Regions Latin American Herald Tribune
go to original May 8, 2016

Latin America's oil producers are among those hardest hit by falling oil prices. The region's second-largest economy, Mexico, has had to cut spending and raise interest rates. (Al Jazeera English)

The federal government is implementing a package of measures to promote economic diversification in the oil-producing southern Mexican states of Tabasco and Campeche, which have been battered by the collapse in the price of crude oil, President Enrique Peña Nieto said.

Public investment will be increased in the two states to create jobs in the short term, Peña Nieto said during an appearance on last week in Villahermosa, the capital of Tabasco.

Five Cabinet departments will double the outlays planned in the states for 2016 as part of a “reorientation of spending,” the president said.

Spending on public works projects will be accelerated and a special economic zone will be created in Campeche and Tabasco, Peña Nieto said.

The federal government will also provide assistance to micro-, small- and mid-sized enterprises in the region, the president said.

Oil has gone from accounting for about 40 percent of the Treasury’s revenues to just 19 percent in the past four years, indicating that Mexico’s economy has become more diverse.

Read the rest at Latin American Herald Tribune

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