September 12, 2019 / 8:06 AM / 2 months ago

Mexico's $5 billion debt bailout for Pemex 'a one off' - deputy minister

FILE PHOTO: A sign of state-owned company Petroleos Mexicanos (PEMEX) is seen at a gas station in Monterrey, Mexico June 17, 2019. REUTERS/Daniel Becerril/File Photo

MEXICO CITY (Reuters) - Mexico’s $5 billion (4.06 billion pounds) rescue package to pay down debt at Pemex is a one-of-a-kind transaction that should give the struggling state oil company breathing space to focus on output and costs, Deputy Finance Minister Gabriel Yorio said.

Yorio told Reuters in an interview on Wednesday that the transaction, which also includes a debt refinancing plan, would be the last support the government gives to the world’s most indebted oil company this year.

Reporting by Stefanie Eschenbacher and Frank Jack Daniel; Editing by Tom Hogue

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