Sheinbaum says Fobaproa will never be fully paid off and plans special briefing

Claudia Sheinbaum says Mexico’s Fobaproa debt will never be fully paid under current conditions, contradicting the expectation that it might have ended around 2050.

At her morning news conference in the Treasury Hall of the National Palace, the president said she would hold a special briefing on the issue. She plans to invite the finance secretary and the relevant deputy secretary to explain how Fobaproa was created and how the debt works.

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Never is the principal paid, only an amount of the interest, and another part is also financed with debt.

Sheinbaum said the principal is never repaid. Instead, only part of the interest is covered, while another part is financed through additional debt. She said a recent study by the Finance Ministry showed that the debt would be difficult to pay off under the present conditions.

“Never is the principal paid, only an amount of the interest, and another part is also financed with debt,” Sheinbaum said. She added that the government had previously thought the debt would be paid around 2050, but that this now appeared unlikely.

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We thought it would finish being paid around 2050, but under current conditions it will be difficult to pay it off.