The plan designed by Mexican President Felipe Calderón to protect the country's economy from the global financial crisis will not have immediate visible effects, local financial group IXE analyst Carlos González told BNamericas.
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Announced on October 8, the plan comprises five main points aimed at strengthening the sectors that act as drivers of economic growth, and is expected to result in GDP growth of roughly 1%.
Two of these objectives contemplate injecting resources for 65bn pesos (US$4.72bn) in the infrastructure sector and state oil company Pemex.
"Most of these points are geared toward accelerating investment in infrastructure. However, I believe this will take some time to carry out. It probably will not be as fast as it should be," González said.
"The intentions are clearly there, they just need to be realized," he added.
PEMEX
González added improvements such as the four energy reform proposals, whose approval by congress is expected shortly, could help boost projects related to Pemex.
The reform aims to free up the company's finances and make its operations more flexible, in order to increase reserves and production.
"The Pemex oil refinery has seen considerable delays. Other projects that could help counter the global financial crisis are highways," he said.
"However, it is likely that large infrastructure projects such as Punta Colonet will continue to see delays in favor of smaller projects, as these are easier to finance and plan in the short-term," the analyst stated.
POSTPONED PROJECTS
In what could be a sign of things to come, the transport and communications ministry (SCT) has postponed two key projects.
On October 3, SCT announced it would push back the deadline to award the project for the 50bn-peso Punta Colonet multimodal port project, in Baja California state, from August 31 to December 18, 2009. The date to sign concession contracts was modified from November 3, 2009 to February 10, 2010.
Due to exchange rate fluctuations caused by the global financial crisis, the project's budget in US dollars has fallen from US$4.86bn to US$4.45bn, and then to US$3.70bn on October 9.
Previously, on September 30, SCT said the tender call for the concession to build and operate the new Riviera Maya international airport, in Quintana Roo state, was postponed until global financial markets stabilize.
