Debt restructuring announced

The National Finance Agency for Rural, Agricultural, and Fisheries Development, through the Institute for the Return of Stolen Assets to the People, will restructure the debt that the government has carried for years; this will benefit 99.5% of the agency’s producers. In total, the restructured debt amounts to US$644.634 million.

For those who owe more than the aforementioned amount and up to US$579,707, up to 30% of the total debt will be reduced, and 70% will be restructured.

As for small producers, a similar scheme will be implemented, covering 29,000 small producers who owe up to 28,000 UDIS.

President Sheinbaum stated that they addressed these types of abusive lending practices by companies to which the collection scheme was transferred, as some private companies do—such as Elektra (part of Grupo Salinas)—charging interest rates ranging from 50% to as high as 100%.