CFE

Mexico City“We are going to end the six-year term with an average growth of one percent, something truly exceptional in the face of an extremely difficult economic environment in the country and in the world,” said President Andrés Manuel López Obrador in his sixth and final Government Report.

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In a broad exposition on what has been done in economic matters, he highlighted the rescue of the Federal Electricity Commission and Petróleos Mexicanos, emphasizing that national and foreign private initiatives, such as Iberdrola, were gaining ground in strategic sectors for the country.

“Enough of complexes, because we are not going to have complexes nor will we allow ourselves to continue to be made complexes. Mexico is a cultural power in the world.”

He mentioned that the growth of public debt has been lower, 4.9 percent, than during the six-year terms of Felipe Calderón and Peña Nieto Calderón, with increases of 7.4 and 8 points of gross domestic product, respectively.

He stated that in 2023 alone, bankers earned record profits of 272 billion pesos, 73 percent more than in 2018.

Meanwhile, inflation is 5.16 percent annually, but we maintain, he declared, the basic basket program of 24 foods, which decreased from 1,339 pesos to 800 pesos. “A round of applause for the commercial chains, which have helped to avoid the shortage,” he asked in the capital’s Zócalo.

And another round of applause, he said, for the countrymen who send resources, which will reach 65 billion dollars this year.

He stressed that thanks to the fight against corruption, the country saved 2 billion pesos. The fight against corruption alone huachicol has generated “savings of 342 billion pesos, which is what it cost the nation to build the Dos Bocas refinery.”

He stressed that he did not allow tax forgiveness for large taxpayers, whose accumulated amount, only in the two previous six-year terms, was 413 billion pesos, “which explains why our budget was not enough for so much.

“Now almost everyone contributes. That is why I thank those who are fulfilling their responsibility,” he said. He also estimated that this year the collection will be 4.9 billion pesos.

He said that “corruption in the Executive Branch has been cut off at the last minute,” while the annual budget went from 5.3 billion in 2018 to 9.1 billion in 2024.

In this report, he said that the “fever of granting mining concessions” to national and foreign companies had been stopped. No permits were granted for open-air mining and no authorization was given for the planting or importing of transgenic corn for human consumption.

Regarding the electricity sector, he reported that 10 combined cycle power plants, two internal combustion power plants, 16 hydroelectric plants are being modernized, and 13 plants have been purchased from Iberdrola.

He also mentioned that the government has had the support of workers to rescue Pemex and noted that “one million 795 thousand barrels are produced daily.”

Oil reserves have not diminished and today they are equivalent to 7.5 billion barrels. “We have oil for several more decades in our country.” He said that production costs have been reduced and corruption has been banished from the company.

“When we came to power, the company’s debt was 105 billion dollars, now it is 99 billion dollars, that is, it was reduced by 6 billion dollars,” he recalled.

López Obrador said that Mexico has reached record levels of foreign investment: last year, 36 billion dollars and in the first six months of 2024, 31 billion dollars.

Among other data, he commented that there are 2 million 310 thousand more formal jobs than in 2018, going from 20 million 79 thousand workers registered in Social Security to 22 million 389 thousand 835.