On Tuesday October 20th, lawmakers in Mexico’s lower house gave the green light to 2016 budget legislation that banks on a weaker peso, and it now heads to the Senate for approval.
The budget, presented by the government last month, proposed a lower spending plan for next year after a drop in global oil prices hit Mexico’s income from state oil company Pemex.
The lower house left many of the economic projections intact, but projected an average peso rate of 16.40 per dollar compared to the government’s proposal of 15.90 per dollar.
It kept the government’s forecast for growth of 2.6 to 3.6 percent next year, and maintained an expected deficit of 0.5 percent of Gross Domestic Product, down from 1 percent this year. Lawmakers also held steady the government’s outlook for oil production of 2.247 million barrels per day and an oil price of $50 per barrel.
Congressmen also approved late on Monday a proposal to cut taxes on some sugar-sweetened drinks despite concerns the move would hinder the fight against obesity in Latin America’s No. 2 economy. (Reporting by Miguel Gutierrez).
more recommended stories
Chetumal, the youngest state capital in Mexico
o the south of the state.
Dolphin Discovery Isla Mujeres “partners” with UN in global event
As part of the environmental education.
Diver reported for damaging the ecosystem in Cozumel reef
Through social networks, a diving service.
New luxury and PR strategy for Grand Hyatt Playa del Carmen
Luxury strategy and public relations agency.
Tulum’s “Art With Me” Festival instantly becomes a world class event (FORBES.com)
Sunbathing on the beach in Tulum,.
Beautiful Costa Mujeres needs to be at the top of your travel bucket list
For many, a Mexican getaway consists.
Despite safety and security concerns, Cancun remains # 1 tourist destination in Latinamerica
Cancun maintained its position as the.
600 new police for Cancun, Playa del Carmen and Tulum Quintana Roo
According to riviera-maya-news.com, approximately 600 new.
Teen jogger who accidentally crossed U.S. border from Canada is detained for two weeks
A teenager out for a beachside.
Grand Finale of the 2018 Merida Initiative National Mock Trial Competition for Mexican Law Students
Mexico City, 21 June, 2018 –.