The president made this statement after Moodys changed the rating of Petroleos Mexicanos (Pemex) from “stable” to “negative”.
The president of Mexico, Andres Manuel Lopez Obrador, dismissed the value of the reports issued by US risk rating agencies, in particular Moody’s, Standard & Poor’s and Fitchsince it considered that, like the International Monetary Fund (IMF), they only respond to interests that are not always transparent.
“They don’t affect anything. are part of the simulation that existed during the predominance of the neoliberal model,” he said during his press conference on Monday.
In recent days, the Moody’s agency changed the rating of the state-owned Petroleos Mexicanos (Pemex) from “stable” to “negative”, due to the lack of confidence that it can meet its financial obligations; while Fitch Ratings lowered, from “BB-” to “B+”, the perspective of the oil company.
Lopez Obrador minimized the real impact of these studies and recalled that, during the neoliberal governments, when Pemex was mired in corruption, the qualifications were optimal.
Comparison with the IMF and Argentina
“It’s like taking at this point what you think the IMF, which is totally discredited”he insisted by giving an example of the economic crisis suffered by Argentina.
“Who encouraged it? The IMF, and for political and ideological reasons, not economic, financial, or technical,” he said, explaining that the agency granted a record loan to the South American country in 2018 with the aim of helping the re-election of then-President Mauricio Macri.
Lopez Obrador insisted that the IMF’s sole objective was to prevent the left from winning Argentina’s presidential elections.
“By political orders from above, they indebted Argentina more than necessary. Even so, they did not win, the president was not re-elected and they left that enormous debt to Alberto Fernandez. Instead of helping the country get ahead, because they were co-responsible, they have done absolutely nothing, “he denounced.
With the rating agencies, he said, the same thing happens, since in Mexico all public companies obtained “good” evaluations despite the fact that corruption predominated.
The president cited as a specific case that of the Mexico City Airport, which received good balance sheets and prospects from US risk rating agencies. at times when it was controlled by organized crime and drug trafficking.
AMLO shows the historic reduction in Pemex’s debt. Since he became president, it has been reduced by 15.5%. Something unthinkable with PRIAN “Those from the rating agencies are conniving technocrats,” he said, harshly criticizing Moody’s for lowering the rating of the… pic.twitter.com/0mjNkh9LdF
— The political cat (@elgatopolitico_) July 24, 2023
He added that this occurred particularly during the government of Felipe Calderon (2006-2012), when the Secretary of Security was Genaro Garcia Luna, whom a US court found guilty of complicity with the Sinaloa Cartel.
“There, the airport had the highest category, but when we arrived we were downgraded, just now that it is taken care of and the drugs that entered with a license from power no longer enter. (This shows) that they are rating agencies that act based on interests, the worst of all is that they even have to be paid, “he lamented.
These types of reports, he insisted, are a remnant of the manipulation that prevailed during neoliberalism, since “false experts” like to deceive “the people”.
Highlight good indicators
Lopez Obrador specified that the best response to these negative qualifications is the data of the resounding economic success that he has registered during his administration and which he summarized in five points.
The first and most important, he said, is that the salary of workers increased as it did not in 30 years; then the drastic increase in the social investment that allows 25 million households to have some kind of wellness program.
In addition, he noted, the remittances from the US reach a record of more than 60,000 million dollars a year and the weight has strengthened against the dollar also at historical levels.
Lastly, he mentioned the fall in inflationwhich according to the official information provided this Monday reached 4.79% in the first half of July, which represents the lowest level since March 2021.