Monday, October 2, 2023

The mayor defended the budget for 2024, despite the fiscal deficit

The Mexico’s Secretary of the Interior, Luisa María Alcalde, defended this Monday the project of budget sent on Friday Ministry of Finance to Congress, despite the fiscal deficit equal to 4.9% of gross domestic product (GDP) in 2024, the largest since 1988.

“Now the Secretary of the Treasury (Rogelio Ramírez de la O” Presented what the plan is and this plan is a plan that is responsible for public finances and we see, on the contrary, a project that helps to consolidate the projects of the fourth amendment,” said the official during at the press conference in the morning representing the President, Andrés Manuel López Obrador.

The Mayor thus responded to estimates that Mexico’s 2024 budget will register a fiscal deficit equal to 4.9% of GDP, compared to an estimate of 3.3% this year.

In the project, the Government of Mexico increases the total net spending to 9.02 trillion pesos (about $530 billion) in 2024, which means a real growth of 7.1%, compared to 2023.

In that budget for next year, which is marked by the 2024 presidential elections, only more than 67.6% will be allocated to spending identified for social development.

The Secretary of the Interior said that the budget is aimed mainly to have the necessary resources to complete the works started by this administration.

“This project includes the amounts required to complete the proper project of Maya Trends communication and transportation routes, for Isthmus on Tehuantepec, for the train Mexico-Toluca interurban, the train suburban al Airport is Felipe Ángeles Airport”, he declared.

He also explained that the necessary resources for hydraulic works and social programs are being considered.

“Health programs that are rights today. We are talking not only about the senior citizen program, but also about scholarships for students, Youth Building the Future, Sowing Lives, the program for people with disabilities, among others,” said the official.

In addition, he maintained that it is the product of “responsible” management of healthy finances, which has been achieved thanks to two pillars: zero corruption and the end of privileges.

“These two pillars are what allow to have enough funds like the project presented today for development,” he explained.

Also, he said that this public investment was done without putting the country in debt.

The Ministry of Finance also predicted on Friday a maximum growth of 3.5% in gross domestic product (GDP) for 2024.

Nation World News Desk
Nation World News Desk
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