Mexico Unveils 2025 Budget Draft That Narrows Fiscal Deficit (2)

Mexico’s government said on Friday that it will narrow the fiscal deficit next year even as President Claudia Sheinbaum pledges to boost social programs and support the heavily-indebted state driller Petroleos Mexicanos.

The administration will target a budget gap equivalent to 3.9% of gross domestic product in 2025, less than an estimated 5.9% shortfall for this year, according to the proposal that Finance Minister Rogelio Ramirez de la O presented to Congress. The ministry sees a primary fiscal surplus — which excludes debt payments — at 0.6% of GDP next year, from the forecast deficit of 1.4% in 2024, ...