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Mexico injects $5 billion more for oil giant

Thursday, September 12, 2019

Mexico has given another $5 billion in aid to state oil company Pemex as the former monopoly launched a bond swap designed to stave off the risk of a catastrophic debt downgrade.

The cash injection comes just days after the leftist nationalist government, which has been slashing government spending to free up cash for Pemex and to fund flagship social programs, announced $4.4 billion in cash and tax breaks for the company in its 2020 budget, the Financial Times reports.