The Mexican government's highly-anticipated 2020 budget will have to strike...
MEXICO CITY - The Mexican government’s highly-anticipated 2020 budget will have to strike a careful balance, weighing the realities of slowing economic growth and dwindling resource generation with commitments to fiscal discipline.
Finance Minister Arturo Herrera said on Wednesday the budget package will be “extraordinarily responsible,” while the central bank has underscored in its most recent statements the importance that it must “generate confidence.”But the government has limited room to cut more fat 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. The National Guard has been tasked with helping to patrol Mexico’s borders, a move meant to placate President Donald Trump’s demands of stemming the flow of U.S.-bound migrants.
“All of the president’s priority projects will be included in the budget and some will require more resources than this year,” Eurasia Group analysts Carlos Petersen, Daniel Kerner and Ana Abad said in a research note.One of the most salient measures of Lopez Obrador’s commitment to fiscal responsibility will be the primary fiscal surplus targeted for next year.
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