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2024 Budget Proposal, Galvez On Pemex

MEXICO
  • On Friday, the government announced that the fiscal deficit will widen next year, the last year of the AMLO administration. Plans are in place to expand support for Pemex and social programs ahead of general elections. According to the Finance Ministry in its budget proposal, Mexico will post a fiscal deficit equivalent to 4.9% of gross domestic product in 2024, compared to an estimated 3.3% this year.
  • Separately, opposition presidential candidate Xochitl Galvez has affirmed she is no planning to privatize state owned Pemex, contradicting recent comments by President AMLO. Galvez also said she also won’t privatize the utility CFE. Her plan is to modernize both companies and protect the planet with the use of “cheap, clean and efficient energy.”

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