The government has successfully maintained external, financial, and fiscal stability despite the deepest recession in decades. However, Mexico is bearing a very heavy humanitarian, social, and economic cost from COVID-19, including over half a million excess deaths, sizable under-employment, and an increase in poverty.

Who in the end profited most from the official resources devoted to Mexico's last debt restructuring : Mexico or its commercial creditors? Mexico. But in establishing the basis for long- term growth the package seems a reasonable compromise between the conflicting interests of Mexico and its commercial creditors.