March 20, 2020 / 1:43 AM / 2 months ago

Mexico finance minister says oil proceeds in budget covered

FILE PHOTO: Mexico's Finance Minister Arturo Herrera attends the presentation of the national financial inclusion policy, in the Interactive Museum of Economics (MIDE) in Mexico City, Mexico March 11, 2020. REUTERS/Luisa Gonzalez

MEXICO CITY (Reuters) - Mexican Finance Minister Arturo Herrera said on Thursday that “everything” in the federal budget from oil payments was covered, with oil hedges protecting 80% of the revenues and “reserves” covering the remainder.

Questioned in an interview with newspaper Reforma whether the credit rating of state oil company Petroleos Mexicanos [PEMX.UL] presented a risk to public finances, Herrera said the risk existed, but was low due to the oil hedging program.

Reporting by Sharay Angulo; writing by Drazen Jorgic

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