PEMEX’s Debt Maturities / 2026 Economic Package’s Highlights

2026 Economic Package. Minister of Finance Edgar Amador presented the 2026 Economic Package, describing it as a historic and humanist budget designed for shared prosperity, with a total projected spending of MX$10.1 trillion (US$543.3 billion). He stated the budget is supported by a strong and stable economy with sustained growth, falling inflation, a strengthened exchange rate, and historically low unemployment.

He highlighted a historic investment in social programs, with Well-Being programs reaching nearly MX$1 trillion, 2.2% of the GDP. Other spending areas include MX$1.3 trillion for investment, MX$1.1 trillion for education, MX$996 billion for health, MX$399 billion for housing, and MX$201 billion for security.

Amador noted that the government projects MX$8.7 trillion in tax collection. Amador highlighted that this effort is supported by strong performance in foreign trade, noting that customs revenue is currently MX$165 billion above projections. President Claudia Sheinbaum stated her administration aims to increase customs revenue by nearly MX$500 billion in 2025, primarily by continuing to combat corruption and tax evasion.

She explained that this goal builds on the MX$250 billion in additional customs revenue gained during López Obrador’s administration. Her government plans to collect another MX$200 billion on top of that. Sheinbaum noted that corruption in customs is not only an issue of public servants but also involves significant tax evasion, including by customs agents themselves.

The economic package includes new tax policies, such as eliminating the tax deductibility of bank payments to the Institute for the Protection of Banking Savings (IPAB) for the Savings Protection Banking Funds (FOBAPROA) liabilities. It will also implement taxes to promote healthy consumption, including a MX$1 increase on sugary drinks.

PEMEX’s Debt Maturities. Amador also addressed the financial pressure from PEMEX's debt, noting the budget includes provisions to meet these obligations. He mentioned that the company's debt grew 130% during what the government calls the "neoliberal period" and that its credit rating has recently improved. 

Amador highlighted that 46% of PEMEX’s total debt matures during President Sheinbaum's administration, with 26% of that total debt maturing in 2025 and 2026. The scheduled maturities are US$12.38 billion in 2025, US$12.71 billion in 2026, US$7.45 billion in 2027, US$4.59 billion in 2028, US$3.78 billion in 2029, and US$4.92 billion in 2030.

Kapital, Multiva Acquire Divisions of Intercam, CIBanco. Amador confirmed that Kapital acquired all divisions of Intercam Banco, with the exception of its banking license, and that Multiva has acquired the fiduciary business of CIBanco. He stated that the government intervention in Vector Casa de Bolsa is ongoing but is close to being lifted, noting that everything is proceeding normally.

Amador also addressed the presumptive money laundering case that prompted the interventions, assuring that the issues were limited to these smaller institutions and do not represent a systemic risk. He emphasized that the Mexican banking system is one of the best capitalized in the world.