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Mexico: Pemex under pressure to reform as Canterell declines

The country's new government should relax the financing constraints on state-owned Pemex, the International Monetary Fund (IMF) says in a new country report. Under the existing financing arrangements, in which raising oil-sector investment requires either fiscal-policy tightening or the issuance of public debt, too much strain is being put on the public-sector balance sheet, the report says. At the same time, Pemex is denied access to technologies and advantages that other oil companies obtain through joint ventures, because foreign ownership of hydrocarbons resources is prohibited in Mexico. In addition, argues the IMF, unlike international oil companies, Pemex is unable to adjust its annu

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