The Mexican government's 2020 budget will have to strike a careful balance,...
MEXICO CITY - The Mexican government’s 2020 budget will have to strike a careful balance, weighing the realities of slowing economic growth and dwindling income with commitments to fiscal discipline.
Finance Minister Arturo Herrera previewed the budget blueprint on Saturday by highlighting three priorities he said will see more funding: social welfare programs, the new National Guard security force as well as heavily indebted state oil firm Pemex. But the government has limited room to cut from programs after it reduced funding for several ministries in order to centralize spending, fight public sector corruption and honor a campaign pledge to implement fiscal austerity in its first budget in December.
Falling oil production and prices, as well declining resources from income and value-added taxes as Mexico’s economy barely escaped entering a recession, have meant lower government resources, said Ramirez Cuellar, who is also a member of Lopez Obrador’s leftist National Regeneration Movement . Other spending priorities will likely include infrastructure projects such as a new refinery, the so-called Mayan Train project and transfers to state-owned oil company Pemex.
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