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AMLO Says Refinery Costs Surged On Equipment Prices

MEXICO
  • Mexican President AMLO said his flagship Dos Bocas oil refinery’s cost surged because officials failed to account for equipment prices in early budgets at a press conference Tuesday.
  • Note late last week, Finance Minister Rogelio Ramirez de la O told Bloomberg that the nation’s finances are feeling the pressure from increased funding costs at several large infrastructure projects promoted by President AMLO as completion deadlines cluster together toward the end of his term.
  • However, the government has room to manoeuvre and will not raise its debt to GDP ratio above a range of 50% to 51% in the 2023 budget, the finance minister told Bloomberg News in an interview.
  • Today, the debt-to-GDP figure stands at 48.9%. Higher-than-expected tax revenue and falling fuel subsidy costs amid a drop in gasoline prices are helping, he said. (BBG)
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