Mexican government to give $5 billion to Pemex to repay debt

Mexican state-owned oil and gas company Pemex will receive a contribution equivalent to $5 billion from the country’s government to repay and refinance debt.

Pemex announced on Wednesday a series of measures intended to improve its financial condition. This operation considers a capital contribution from the Federal Government equivalent to $5 billion to be used for the prepayment of debt, the company said.

In line with the strategy of strengthening the company’s finances under a zero net indebtedness premise in real terms, Pemex structured the transaction in three parts.

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