Víctor Manuel Herrera, president of the National Committee of Economic Studies of IMEF, explained: «Nothing has been done to correct the operation of Pemex, which makes us think it will take even longer».Herrera highlighted that Pemex needs a long-term plan to meet its financial commitments, understood as a market debt of close to 100 billion dollars, plus supplier debts of around 28 billion.«They have put in 3 trillion dollars and there has been no change, why?»From the government of Andrés Manuel López Obrador to the first year of Claudia Sheinbaum, Pemex has received support of 3 trillion pesos, according to the Mexican Institute of Finance Executives (IMEF), which criticizes that, even with this support, it is far-fetched that the state-owned company will manage to do without the support of the Treasury.According to the budget plan designed by Edgar Amador, head of the Treasury and Public Credit, next year will be the last in which Petróleos Mexicanos will receive capital transfers, in such a way that in 2025 it must face its financial commitments independently.Luz Elena blamed Peña's reform for Pemex's debt: «And to this day we don't know what it was for».For IMEF experts, this scenario does not seem close.Because the root problem has not been addressed, which is that Pemex does not generate cash flow.For the expert, an immediate measure could be to reduce the refining business, as he considered it to be «a fairly significant bleeding for Pemex». He also considered that due to labor costs, it is difficult to take action due to the presence of the union; in any case, he thought it could be addressed by stopping new hires.In addition, he highlighted that the company's successful business is very clear: «Pemex is good at extracting crude and selling», but he insisted that the solution will be of a very long term.This situation raises alarms about the country's credit profile in the medium term, as it is a problem for public finances that adds to the lack of economic growth.According to the IMEF survey, GDP will continue below 2% in the next two years.The most recent document reveals a projection among survey participants of GDP growth of 1.3 for the next year and only 1.7% for 2027.
