Budget latest publications

December 18, 2018

Mexico | 2019 fiscal budget: the government approves its first big test

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.

September 13, 2017

Mexico | 2018 Fiscal Program: proposal of fiscal consolidation effort of 0.5% of GDP

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

November 24, 2016

Los presupuestos de 2017 en perspectiva

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 del 25 de octubre de tomar medidas efectivas para asegurar el objetivo de déficit …

September 9, 2016

Mexico | Economic package for 2017: enough and right for public debt to stabilize in 2017

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 (around 1.5% of GDP instead of 1.2% proposed) would be desirable

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

September 30, 2015

U.S. | Congress Narrowly Averts another Shutdown

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 debated.
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  • USA

September 29, 2015

U.S. | Weekly Focus: Jobs and the Fiscal Budget

September’s Jobs Report will Force the Fed to Keep December Liftoff in Play. Congress Needs Budget Deal by Thursday to Avoid Another Shutdown
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  • USA