Before G20 leaders, President Andrés Manuel López Obrador proposed to remove amounts and the payment of debt service to the poorest countries in the world so that they can face the global economic crisis caused by the Covid-19 pandemic.
By participating in the G20 Virtual Summit of Leaders, before Heads of State of the most important economies globally, the President of Mexico pointed out that it is also necessary to ensure that middle-income countries can have access to loans with interest rates equivalent to those of developed countries.
He stressed that cooperation and mutual aid will allow all nations to overcome this painful period.
“I hope that we will be able to leave in history an example of how to deal with a global health threat and to a serious economic crisis through the application of the principle of universal brotherhood ”.
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In his message, the head of the Executive recalled that in the strategy to face the crisis economy Mexico did not contract debt, but the consequent loss of wealth raised our country’s public debt from 44.8 to 51.1% of the national Gross Domestic Product (GDP).
“The same has happened all over the world, the debt grew from the pandemic by an average of 20% and if we do not address this issue now, in the future it will become another threat to economic stability and social well-being. ”.
President López Obrador reiterated that it was useful for Mexico to abandon the economic recipes applied during the neoliberal period, starting with discarding the strategy of indebting the people to rescue those above.
Our second speech at the G20 Virtual Summit of Leaders was about the economic crisis and the alternatives for Mexico and the world. pic.twitter.com/onSG9hyUYB
– Andrés Manuel (@lopezobrador_) November 22, 2020