Wednesday, November 6, 2024

Mexico City economic reactivation plan’s goal is 300,000 jobs

Mexico City Mayor Claudia Sheinbaum presented an economic reactivation plan for the capital Wednesday that aims to create 300,000 jobs by the end of 2021.

The plan includes an investment of 40 billion pesos (US $1.8 billion) by the Mexico City and federal governments to provide loans and other financial support to citizens and businesses, and spending 27 billion pesos on educational, health, transportation and other urban infrastructure projects.

Sheinbaum told a virtual press conference that the government expects that private investment in the capital will total 75 billion pesos (US $3.5 billion) during the final months of 2020 and the first months of 2021.

Two projects to be built with private sector resources are a new elevated road that will connect with the Mexico City-Puebla highway and another elevated road that will link the capital to the Santa Lucía airport, which is currently under construction at an air force base in México state.

The Fería de Chapultepec amusement park will also be renovated with private money.

Finance Minister Luz Elena González explained that the reactivation plan consists of 10 different parts.

One is the creation of a temporary employment program that will seek to provide jobs to more than 15,000 people between September 15 and the end of the year.

People employed by the “Improving our city, our home” scheme will remove graffiti and clean up parks and public squares among other duties. They will receive a salary of between 3,500 and 15,000 pesos (US $160-690) per month.

Other aspects of the economic plan include revitalization projects in Mexico City’s historic center, investment in the Vallejo-i industrial zone, the establishment of plants to recycle urban and construction waste and the promotion of “safe tourism.”

Sheinbaum said the goal of the plan is to create 300,000 direct formal sector jobs by the end of next year. She said that 220,000 jobs were lost in the capital due to the coronavirus pandemic and associated economic restrictions.

Mexico City is one of 21 states where the risk of coronavirus infection is orange light “high,” according to the federal government’s stoplight system. The capital has remained at the orange light level for 10 weeks but authorities have gradually eased restrictions during the period and most businesses have now reopened albeit at a reduced capacity.

Mexico City’s confirmed case tally passed 100,000 on Wednesday while its official Covid-19 death toll stands at 10,671.

Source: El Universal (sp), El Financiero (sp), Milenio (sp) 

Have something to say? Paid Subscribers get all access to make & read comments.
A Mexican 20-peso bill and a U.S. 20-dollar bill on an abstract black background. The Mexican bill is laying over the U.S. bill.

Peso takes wild ride Wednesday in reaction to the U.S. elections

1
Mexico's currency reacted strongly to Tuesday's U.S. elections on Wednesday, at one point plummeting to 20.81 pesos to the U.S. dollar.
Three tractor trailers parked, completely blocking a major roadway. From elft to right, they are lime green, white and white.

National Guard to work with tracking firms in 5 states to find stolen cargo vehicles

1
The Guard will work with vehicle tracking companies in five high-risk states to find the thousands of cargo vehicles hijacked and stolen each year on Mexico's highways.
Some dams in Mexico maintain historic lows, due to the extended drought in the country.

Mexico’s water reserves remain at historic lows as rainy season ends

0
Though the rainy season seemed heavy this summer, Mexico's water reserves are at levels 12% lower than the historical average.