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Mexico: López Obrador’s First Year

Budgets

The administration’s first budget was presented by Urzua on 16 December 2018. The 2019 Budget was cautions and prudent overall, particularly in terms of fiscal discipline, though some of its assumptions were considered a little optimistic (particularly regarding the exchange rate and growth). As López Obrador promised, it also contained no new taxes, nor increases to existing taxes. It also stayed away from any interventions with Banxico and kept inflation targets in line with the central bank’s. Indeed, it was seen as a message to investors that the regime would continue with an orthodox economic policy.

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