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Tren Maya’s Short-Term Debt Quadruples in 2025 as Subsidy Reliance Deepens

Officials cite launching cargo operations in 2026 to reach balance by 2030.

Overview

  • Outstanding payables to suppliers and employees reached 2,470 million pesos in September, up from 620 million in January, a 298% jump.
  • In its first year of service the railway required roughly 108 pesos of public money for every peso of its own revenue, underscoring heavy subsidy dependence.
  • Tren Maya’s director Óscar David Lozano has stated passenger service is not profitable and that freight traffic is essential for financial equilibrium.
  • Freight infrastructure remains under construction and is scheduled to start operations in April 2026, with the government targeting break-even in 2030.
  • Auditors and civil-society groups report transparency and cost concerns, including 3,000 million pesos in irregularities flagged by the ASF and key planning documents kept reserved.