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SHCP reports healthy debt levels

2 years ago

Agency says Mexico meets the target of fiscal deficit

BY ROSALBA AMEZCUA The News MEXICO CITY – The Treasury and Public Finance Secretariat (SHCP) stated that Mexico has meet the target of fiscal deficit and debt that Congress passed in 2015, which happened in the midst of an adverse international context where the results of public finances are mainly the reflection of the good performance of the domestic market and the process of implementation of the tax reform. In a weekly report, the SHCP spokesman said that the administration of President Enrique Peña Nieto is firmly committed to strengthening macroeconomic fundamentals, maintaining healthy public finances and making a responsible use of public indebtedness. This will allow to generate certainty and confidence among investors and continue the development of the country as well as creating better living conditions for Mexicans. Without considering the effect of the depreciation of the exchange rate on the balance of external debt in the last 12 months, from 1.8 of the gross domestic product, it would be 43.9 percent, levels consistent with the ceilings of debt authorized by Congress, said the SHCP. Against the adverse and difficult international context, the government of Mexico has acted on many fronts to stand out from other emerging economies with a strategy based on three pillars, such as the strengthening of the macroeconomic fundamentals, it added. In this regard, goals of prudent and responsible public deficit, consistent with the adjustment announced for 2015 and 2016, were implemented. In addition and thanks to the budget reform passed in 2013, the oil dependency has been reduced from 40 percent in 2012 to 19 percent in 2015. Another goal is to exhaustively and quickly implement structural reforms. The objective is that this will create better well-being for families. For example, with the implementation of the telecommunications reform, cell phone charges are now lower.

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