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Mexican banking group says government's coronavirus response measures fall short

Mexican banking association ABM said government measures meant to address the coronavirus outbreak and its economic impact "fell short" and did not meet the scope of the crisis, El Financiero reported.

On April 5, President Andrés Manuel López Obrador announced a plan that looked to support the most vulnerable and create 2 million jobs in the next nine months. However, he also promised to expand the government's austerity program to avoid accumulating further debt.

The plan received criticism from several business groups, which said the measures were not targeting the impact of the pandemic enough and lacked support for the private sector.

"The size of the problem that we see does not coincide with what the president sees," according to ABM President Luis Niño de Rivera. "[López Obrador's Fourth Transformation campaign promise] must continue, the purposes of the president are good, what we do not agree is the size of his programs against the size of the crisis we are experiencing," he noted.

Following the comments from the business sector, López Obrador on April 7 met with businessmen to discuss a possible agreement on the matter.