Mexico announces $3.4 bln plan to rebuild Acapulco after hurricane

The overall investment needed for the recovery plan was estimated at about 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference. President Andres Manuel Lopez Obrador said the government would stump up more money for Acapulco if needs be.

Mexico's government on Wednesday unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks and financial assistance for affected families, and said it could spend more if necessary.

Last week Hurricane Otis slammed into Acapulco, devastating local infrastructure, severing communications and temporarily leaving the city of 900,000 people incommunicado. The overall investment needed for the recovery plan was estimated at about 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.

President Andres Manuel Lopez Obrador said the government would stump up more money for Acapulco if needs be. "Fortunately, we have healthy public finances and unlimited resources when it comes to benefiting the people," he said.

The plan will bring forward social welfare payments and include household necessities for families in need. Acapulco and nearby Coyuca de Benitez will be exempt from paying taxes until February 2024, Lopez Obrador said. ($1 = 17.9422 Mexican pesos) ($1 = 17.9332 Mexican pesos)