Mexico will use $13.6 billion from a central bank surplus to pay down debt and boost its rainy day fund, shoring up finances as it prepares a support plan for the beleaguered state oil company Petroleos Mexicanos. The Finance Ministry will spend 167 billion pesos ($9.5 billion) of the transfer to buy back debt and reduce bond issuance this year, while 70 billion pesos will go to boost the nation’s budget revenue stabilization fund. A plan to help Pemex will be released in coming days, the ministry said in a statement released after the central bank disclosed the surplus. The government’s response comes after Pemex reported a record $32 billion-loss for 2015, which prompted Moody’s Investors Service to cut its credit rating two notches in March. Finance Ministry officials have repeatedly said that they could give Pemex a capital injection once the company presents a credible business plan. “What […]