AMLO Seeks a Saving Of 250,000 Million Pesos with the Extinction of Trusts

On Thursday, April 2, President Andrés Manuel López Obrador, through a mandate published in the Official Journal of the Federation, ordered the extinction of public trusts without an organizational structure and mandates, which represent around 700 billion pesos, while at the same time contemplating the disappearance of similar trusts of a federal character in which the dependencies function as units responsible for the federal public resources that these trusts have.

This decree provides that, by 15 April at the latest, the units that were responsible will have to inform the Federal Treasury of the resources that are part of the recovery of the instruments, Similarly, the implementers of expenditure should refrain from committing or exercising such resources.

Among the objectives already established are the strengthening of social programs, the reactivation of the economy and the granting of credits, while at the same time the aim is to “strengthen PEMEX” in the face of the fall in international oil prices and the payment of debt.

The decree excludes instruments that serve as public debt mechanisms, aimed at addressing health emergencies or meeting occupational pension obligations, It does not include trusts established by law or decree and whose completion requires constitutional reform.

This is part of the measures taken in response to the health emergency caused by the Covid-19 that the country is currently experiencing, since, with the extinction of public trusts, the aim is to generate a saving of 250 billion pesos, that would be available to deal with the pandemic.

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