Mexico to slash spending by $5,8 billion next year

Mexico plans to cut spending by another $5.8 billion in 2016, finance minister Luis Videgaray said, after its economy was buffeted by tough global economic conditions and especially the drop in oil prices.

A 2016 budget package, which he submitted to Congress, reduces spending by 1.15 per cent of gross domestic product compared with the 2015 package — a total of $13 billion. Videgaray said that more than half of the budgetary belt-tightening had already happened.




Source: Financial Times