Public Finances

Public Finances latest publications

April 3, 2020

Mexico | Gloomy outlook for public finances in 2020 and 2021

The 2021 Pre-Criteria guidelines for economic policy emphasizes the need to keep fiscal discipline; we think this should be done from a structural perspective to make it possible to boost public spending alongside a credible fiscal reform proposal that increases tax revenue and comes into effect after the sanitary emergency

July 17, 2019

Mexico | Pemex’s Business Plan 2019–2023: Marginal but Insufficient Progress

The permanent reduction of Pemex's tax burden and the possible additional contribution of resources to Pemex beyond 2022, should be supplemented with changes in tax policies that help keep federal government revenues relatively stable and do not risk meeting fiscal targets.

February 15, 2019

Mexico | The measures announced today do not solve Pemex’s structural problems

Financial support from the federal government will buy time, but Pemex's credit rating remains at risk. In January, Fitch downgraded the Pemex rating from BBB+ to BBB- after the outlook was revised to negative in October last year.

May 18, 2018

Mexico is going to need fiscal legislation that is actually complied with

The country has made great advances in the last twenty or so years in designing an institutional framework that contributes towards having well-ordered public finances. In 2006 the Federal Budget and Fiscal Responsibility Act was passed.

April 7, 2017

Mexico | Will we see the first fruits of fiscal consolidation in 2017?

As of this year, public debt as a percentage of GDP will stop increasing. 2017 will be the first year since 2008 with a fiscal primary surplus. It is positive that the government sets a target for a fiscal primary surplus of 1% of GDP for next year. It is adequate that the government is taking the average of GDP growth fore…