For Finance Secretary Luis Videgaray, the goal of the 2016 budget is to spend money more efficiently so that it serves to boost employment and economic development.
One of the strategies being implemented to accomplish that goal is to start from scratch with a zero-based budgeting formula.
“The government of President Peña Nieto is determined in developing a better public expenditure budget, focused on investing resources in categories that trigger job creation and the development of the country, with the betterment of the population always in mind,” he said in an interview.
“It’s not the people or the businesses who have to tighten their belts, but the government. Ideally, we can make adjustments to the budget in an intelligent and efficient manner; a better exercise of public expenditure,” Videgaray continued.
In order to achieve this, the Finance Secretariat (SHCP) had to first review the entire structure of the budget, a task that took several months.
The SHCP has proposed a zero-based budget structure which is currently under consideration by the Chamber of Deputies. Under the new approach, the existence of each budget program must be justified, as well as its allocated resources.
This, it is expected, will allow the Finance Secretariat to assign public funds based on results delivered while at the same time spending said funds efficiently, positively impacting public welfare.
Videgaray recognized that the federal government has obligations that it must meet, such as the payment of pensions, contributions to the states and payments of principal and interest on foreign debt.
On a related note, the Finance Secretary said that Mexico is prepared to face potential volatility in international financial markets thanks to the recently approved reforms, while “Mexico’s international reserves have reached record highs, and our credit line with the IMF [International Monetary Fund] is flexible.”
more recommended stories
Merida among Travel+Leisure’s top five Mexican destinations to visit
For the second time, Merida is.
Aztecs to take over Germany
The Linden Museum of the German.
“Andares” a play about indigenous people, will be presented in Campeche
Andares, a play that presents the.
Number of tourists in Valladolid increases during the summer holidays
With the start of the summer.
In July, the Yucatan will witness the Sun in Zenith and proximity of Mars
From July 18 to 20 ,.
López Obrador slashes his own salary and increases his popularity among the people of Mexico
Mexican President-elect Andres Manuel Lopez Obrador.
Rewards in exchange for donating plastic containers in Mérida
The modules of the pilot project.
Cozumel police protest mismanagement of funds by senior officers
Municipal police in Cozumel, Quintana Roo,.
Southwest Airlines to expand cargo business to Mexico
According to CNBC News, the avocado on.
Mérida hotels take measures against Influenza
The hotel and commerce sector of.