Last year, the federal government used 125 billion pesos from the Budget Revenue Stabilization Fund (FEIP) because of a lower than expected collection. This allowed the objective to reach a primary surplus of 1% of GDP to be met - in fact it was 1.1%.
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The fiscal package is sound in macroeconomic terms but introduces some microeconomic distortions. It is built on reasonable and market-aligned economic assumptions. Revenue and spending projections are conservative. As we expected, market reaction was slightly positive.
The program is based on realistic economic assumptions. The continuation of fiscal consolidation is positive. The budget will mean that debt as a percentage of GDP will continue to decline in 2018
Una de las primeras tareas del nuevo gobierno es la elaboración y aprobación de los presupuestos para 2017, que sustituyan el Plan Presupuestario presentado el pasado mes de octubre y para dar respuesta al requerimiento de la Comisión Europea d…
Overall economic package presented to Congress is appropriate and ought to be enough for the public debt as a percentage of GDP to stabilize next year. Important that fiscal stance do not relax in Congress. In fact, we think a further cut (arou…
May 2, 2016
México | Ley de disciplina financiera de las Entidades Federativas y Municipios (LDFEFM)
La LDFEFM busca ordenar y alinear los instrumentos presupuestarios y financieros de las Entidades Federativas, Municipios y sus organismos para asegurar un manejo sostenible de las finanzas públicas locales. Establece principios generales de disciplina financiera, incluyendo la contratación y registro de deuda, para los gob…
February 29, 2016
Mexico | Plan announced by Pemex, step in the right direction but with lots yet to be done
Today Pemex announced some details about the MXN$100 bn budget cuts for 2016. Almost two thirds of these cuts (MXN$64.9 bn) has been planned to reduce or postpone investment projects contingent on their profitability and available resources
Lawmakers passed a continuing resolution keeping the government open until Dec. 11. The resignation of Speaker Boehner accelerated the passing of the funding bill. A shutdown is still in the cards for December as Planned Parenthood funding is d…
September’s Jobs Report will Force the Fed to Keep December Liftoff in Play. Congress Needs Budget Deal by Thursday to Avoid Another Shutdown
¿Qué sería recomendable a la hora de elaborar los presupuestos? ¿Qué hay detrás del deterioro en las perspectivas de reducción del déficit público? Un análisis sobre los presupuestos de las AA. PP. para 2016.
October 3, 2014
In Chile a countercyclical Budget for 2015 that fits into the fiscal rule was sent to Cong…
The budget sent to Congress foresees a major expansion of public investment by 2015 and less dependence on current expenditure. Convergence to structural balance would be postponed to 2016. Tepid recovery in industry in Brazil, which reverts part of the accumulated losses in the first half of the year; in line with a slight…