President Andres Manuel Lopez Obrador’s big projects are a driving force behind the Mexican government’s plans to boost spending and widen the budget gap in 2024, consolidating his legacy before the next presidential election.
Under the Finance Ministry’s budget proposal, spending would increase 4.3% in real terms next year, or 9.3% nominally, to 9 trillion pesos . The fiscal deficit would widen to an estimated 4.9% of gross domestic product, the biggest since 1988 — a reflection of AMLO’s projects such as the Maya Train, the ocean-connecting Tehuantepec Isthmus rail link, social programs and his growing support for Pemex, the highly indebted state oil company.
The government also proposed a reduction of 5 percentage points in the company’s profit sharing duty payments to 35%, so the company receives a greater share of oil income. “It is our take that this budget proposal is supportive to have a swift and smooth transition to the next administration,” Casillas said in the report.
France Dernières Nouvelles, France Actualités
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