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).
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