One Million Masks for Health Staff

Supplies coming from China will cover 100 percent the safety needs of the staff working in health-units, “a cargo that has mostly KN95 face masks, hats and googles,” Deputy Minister of Health Hugo López-Gatell said in April’s 7 COVID-19 special briefing. Despite not giving detailed information on the cargo, it was reported that one million masks and 800,000 pairs of gloves are included on the flight that arrived late night . This is the first cargo flight from China with medical supplies to deal with the COVID-19 pandemic. López Gatell said detailed information on the topic will be disclosed soon.

Regarding ventilators created by students from the National Polytechnic Institute (IPN), López-Gatell said several prototypes have been evaluated because not all proposals comply the highest required standards. As of today, 141 total deaths (16 more than yesterday) were reported. A further 346 new cases in the last 24-hours, breaking Mexico’s record for the highest number of new cases in one day, bring the total confirmed cases to 2,785.

As of Tuesday, April 7

346         new cases (from yesterday)

2,789     confirmed cases nationwide

7,526     under investigation

141         deaths

Impact on markets (19.45 hrs)

US Dollar              MX$24.03            (-2.64%)

BMV IPC               34,526.31             (0.42%)

Dow Jones          22,653.86             (-0.12%)

President’s plans falls short

President Andrés Manuel López Obrador's plans to contain the COVID-19 crisis are not in line with the size of the problem, which requires investing more money, the Association of Banks of Mexico (ABM) stated. “The President’s purposes are good. The dimension of the problem that we see does not coincide with what the President sees,” ABM head Luis Niño de Rivera said. The representative of the bankers said López Obrador plan fall short, compared the actions that other countries are taking to mitigate the economic impacts from the pandemic.

Citibanamex gives warning on Mexican economy

Mexico's economy is in decline due to the rapid expansion of the COVID-19 pandemic, Citibanamex has reported. To lessen the looming economic crisis, the bank deemed it urgent to implement “a bold fiscal package” to support the most vulnerable sectors, as other countries have done. Citibanamex said there is room for the government to increase its primary deficit by at least 2 percentage points of the GDP, without having a substantial negative impact on the macro-financial stability.

CEMEX resumes production

After the federal government allowed steel, cement, glass and coal producers to keep a minimal activity during the health emergency, CEMEX reported that it will resume operations across its Mexican factories. “CEMEX will comply fully with all the measures outlined by the Ministry of Health,” the company stated after the new agreement was published in the Official Gazette of the Federation (DOF).

Job plan follow-up

President Andrés Manuel López Obrador met with cabinet members to detail the strategy of creating 2 million jobs in the next nine months, as announced in his economic recovery plan. Officials who attended the meeting said each government agency involved presented a work program for the following months.

Mexican oil down again

The Mexican Crude Basket lost 10.77 percent this Tuesday, closing at US$16.65 a barrel, PEMEX has reported. In the international market WTI lost 7.55 percent to US$24.11 per barrel, while Brent fell 3.03 percent to US$32.03 per barrel. Global oil prices kept falling for the second consecutive day, after investors growing concerns that the main producers can reach an agreement on production.