Mexico's Sheinbaum vows responsible spending, defends judicial reform

20/6/2024 7:24

        Mexico's President-Elect Claudia Sheinbaum said on Wednesday her government would pursue responsible spending and reduce the fiscal deficit next year without raising taxes, while defending a judicial overhaul that has spooked markets since her party secured a landslide victory in general elections.
        
        "We are preparing a very responsible budget," Sheinbaum told business people at an event in Mexico City. "Our objective is that the deficit in 2025 will be a maximum of 3.5% of GDP, this year it will be closing over 5%."
        
        Sheinbaum said her administration would look to boost tax take via other avenues, such as digitalizing customs and the internal revenue service.
        
        Mexico's budget deficit this year is the highest rate since the 1980s as outgoing President Andres Manuel Lopez Obrador splurged on social spending and to complete major infrastructure works such as a new refinery and tourist train.