| | |  News Around the Republic of Mexico | January 2009 
Mexico Announces 18.9 Billion Dollar Budget Boost to Tackle Crisis
 Agence France-Presse
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| | "With these 25 measures, the federal government promises to defend household budgets and employment," Calderon said. | |
Mexico City - Mexican President Felipe Calderon on Wednesday unveiled a 256 billion peso (18.9 billion dollar) budget boost, in a series of measures to help businesses and families confront the economic crisis.
"With these 25 measures, the federal government promises to defend household budgets and employment," Calderon said after making the announcement.
The extra money would support loans to businesses and give direct aid to poor families and the unemployed, as well as public infrastructure projects.
It would also subsidize a 10 percent reduction in household gas prices and a freeze on gasoline prices for the rest of the year, as well as up to 20 percent lower prices for electricity in industrial use.
Although Mexico is a major oil producer, it still imports a large part of its gasoline.
"We're crossing a very difficult period in our country in terms of economic growth, investment and employment," Calderon said, underlining Mexico's close ties with its northern neighbor, the United States, where the crisis began.
Mexico reduced its growth predictions for 2009 from three percent last September to 1.8 percent in October, due to the economic crisis, while the Economic Commission for Latin America estimates the figure will be around 0.5 percent. |
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