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Mexico cuts 2015 budget by 3 percent on low prices
(MENAFN) Mexico's government cut its 2015 budget by around 3 percent after a drop in global prices hurt public finances, and it is cancelling a tainted USD3.75 billion high-speed train, Oman Observer reported.
Finance Minister said the cuts were intended to reassure global investors that Mexico will keep its finance in order and he promised they would not derail an economic recovery this year.
Latin America's No 2 economy, a major crude exporter, has posted weak growth in recent years and the drop in oil prices has dampened confidence in the impact of a landmark opening of the state-run energy sector.
Mexico's central bank warned last week the peso could see steeper losses and its governor, Agustin Carstens, advised the government to act to prevent a further run on the currency.
Finance Minister said the cuts were intended to reassure global investors that Mexico will keep its finance in order and he promised they would not derail an economic recovery this year.
Latin America's No 2 economy, a major crude exporter, has posted weak growth in recent years and the drop in oil prices has dampened confidence in the impact of a landmark opening of the state-run energy sector.
Mexico's central bank warned last week the peso could see steeper losses and its governor, Agustin Carstens, advised the government to act to prevent a further run on the currency.
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