Pemex, Mexico’s national oil company, is the country's biggest debtor, with a massive debt burden of $106.5 billion. Pemex's debt has grown significantly over the past decade and is now equal to about 10% of Mexico's gross domestic product (GDP). The company has been struggling with falling oil prices, rising production costs, and inefficient operations. To make matters worse, the Mexican government has also been providing significant financial support to Pemex, which has further increased its debt burden.