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Mexico aims to cut spending by 4.3 percent next year

Wednesday, April 1, 2015

Mexico's finance ministry said it expects it will need to cut spending next year by 4.3 percent amid a recent slump in global oil prices.

The government plans to cut the 2016 budget by $8.9 billion from the 2015 budget as it foresaw an average price for Mexican crude of $55 per barrel, well below the price it has hedged oil at for this year.

Source: Reuters