Struggling Latin American countries amid the global financial crisis have unveiled an array of stimulus measures in a bid to dragging their economy out of a stagnation as early as possible.

In Mexico, the government announced a US$54 billion recovery plan in January, which includes such measures such as freezing gasoline prices and boosting spending on public works.

The government also set up plans to establish an unemployment insurance system and provide housing subsidies to the poor.

The state-owned oil giant Pemex has also announced recently that it will invest US$19.4 billion in exploration and production as part of a plan to boost the company's daily output to 3 million barrels by 2010.

The Brazilian government has set aside 100 billion reais in credit for local businesses.

Brazilian President Luiz Inacio Lula da Silva announced a national housing program that entails buidling of 1 million houses by 2010 to shore up the domestic construction sector and create more jobs.

In a bid to increase liquidity in the financial market, the Brazilian central bank sold parts of the country's foreign exchange reserves on the domestic market.

The Argentina government earmarked more than US$20 billion for infrastructure, housing and education.

The Cuban government said it will drill 24 more oil wells in 2009 to reduce its dependence on imports.

Panamanian President Martin Torrijos said on January 21 that his government will set up a fund to aid troubled local banks with US$1.11 billion in loans from international financial organizations.

According to an IMF report late January, the regional economy is expected to grow by 1.1 percent in 2009.

Economists say that with rich resources, relatively less-exposed financial systems and high levels of self-sufficiency, the regional economy has a good chance to kick start recovery by the end of 2009 and embark on a new round of rapid growth in 2011 if the external environment improves.

(Xinhua News Agency February 21, 2009)