Mexico has no plans of budgetary adjustment due to the fall in oil prices

Mexico has no plans of budgetary adjustment due to the fall in oil prices


Previously the Mexican authorities have decided to reduce budget expenditures in 2015, in total 124,3 billion pesos (about 8.3 billion dollars) amid falling oil prices.

LIMA, 9 Dec. Mexico is not planning further budgetary adjustments amid falling world oil prices, said Friday the head of the Bank of Mexico Agustin Carstens.

“No, adjustments in the projections (budget) we have no plans,” said Carstens.

Previously the Mexican authorities have decided to reduce budget expenditures in 2015, in total 124,3 billion pesos (about 8.3 billion dollars) amid falling oil prices. According to the Minister of Finance Luis Videgaray, this amount will be approximately 0.7% of the GDP of the country.

Were also revised downward the plans of daily oil production in 2015 from 2.4 million barrels to 2.29 million. Thus, the production cuts of approximately 5%.