Mexican Secretary Meade met with his British counterpart, Philip Hammond, during a working visit to London,

The Director General of Pemex, detailed to British investors the ‘Business Plan’ of the company.

LONDON, United Kingdom, 25th November 2016. - The Embassy of Mexico informs that the Mexican Secretary of Finance and Public Credit, Jose Antonio Meade Kuribreña, and the Director General of Petroleos Mexicanos (PEMEX), Jose Antonio Gonzalez Anaya, concluded a two day working-visit to this capital city, in which they held meetings with investors, financial analysts, members of parliament and government representatives.

During this visit, Secretary Meade met with his British counterpart, Philip Hammond, with whom he addressed the basis of Mexican economy, underpinning its capacity to face the current international situation and also presented PEMEX’s ‘Business Plan’ as part of the strategy to generate better financial conditions of the State’s productive company.

During different meetings with investors and financial analysts, Meade Kuribreña and Gonzalez Anaya concluded that, in addition to continuing with the discipline and stability in the macro-economic policy, Mexico doubles the efforts in the implementation of the structural reforms, whilst it is expected that with PEMEX’s ‘Business Plan’, the oil company will reach a primary surplus in 2017.

Both Mexican representatives participated in meetings with investors from The City of London, as well as with financial analysts from different bank institutions operating at an international level, addressing challenges and opportunities which the Mexican economy offers.

The Secretary of Finance underpinned that in the last two years Mexico has faced the challenging international situation due to the low prices of oil, a considerable reduction in the international economic growth level, the markets instability linked to the monetary normalisation of the UU.SS as well as the possible effects of its recent election and the uncertainty as a result of the external factors such as the Brexit.

The responsible for the public finance of Mexico explained that the government is implementing a combination of economic policies which has contributed to a 2.5% growth and without the effect of the oil sector, the dynamism of the rest of the national economy has been close to 3% since 2014.

In the tax area, Meade recalled that Mexico has a consolidation multi-annual plan which considers for 2017 a primary surplus in public finance which will have the space to assure the development in this process in the same year.

He explained that the Mexican government has covered beforehand its external debt amortisations for 2017.

The federal representative said that inflation has converged to the 3 percent target and that expectations in this area remain fixed. He said that our country has the necessary international reserves and an International Monetary Fund (IMF) line of credit available to promote an adequate functioning of the markets.

Meade Kuribreña mentioned that all of this, is part of the macroeconomic fundamentals which have generated confidence in foreign investors who have presence in our country.

Likewise, the Director General of PEMEX, Jose Antonio Gonzalez Anaya, underscored the effort made in 2016 in the areas of austerity, debt management and promotion of the profitability in order to stabilise the financial situation of the company and also explained that at the end of this year the established goals will have been met.

Gonzalez Anaya explained that this will allow PEMEX to implement the ‘Business Plan’ from a solid ground which gives confidence and certainty to its partners and allow it to remain as one of the most important oil companies in the world.