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Weekly Report - 19 November 2020 (WR-20-46)
MEXICO: Facing another year of austerity
The austere 2021 draft budget tabled by the government led by President Andrés Manuel López Obrador has sailed through Mexico’s federal congress. The majority that the ruling left-wing Movimiento Regeneración Nacional (Morena) possesses in the chamber of deputies ensured that the spending side of the proposal (PEF) sent by the executive was approved last week following the approval of the revenue side a week earlier. A balanced zero-deficit budget has made it through the legislature ahead of the 15 November legal deadline. The López Obrador government is convinced that its proposed budget will set the foundation for sustainable economic growth. But the political opposition and local governments have warned that cuts to funding for state and municipal governments will have serious consequences.
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