Mexican President Felipe Calderon announced a series of measures on Wednesday to tackle a possible crisis of economic contraction in the country amid the U.S. financial crisis.
The plan seeks to create more employment and to protect the work of productive sectors, Calderon said in a message to the country at a time when the bourse and the exchange markets are registering high volatility.
The program, containing five points, includes a larger expenditure on infrastructure, the construction of a refinery, aid to small and medium companies and cutting import duties.
The government will also modify the budget for 2009 for a predicted drop in foreign currency earnings, Calderon said.
He did not reveal if taxes would be raised to compensate the drop in incomes for exports of oil and labor services.
The central bank announced Wednesday it planned to sell 2.5 billion U.S. dollars in an attempt to stop the drop of the Mexican peso.
The dollar continued its hike and reached Wednesday an exchange of 13.75 pesos a dollar in comparison to 12.25 pesos Tuesday and 11.72 Monday.
Source:Xinhua
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