LatinNews Daily - 09 September 2022

In brief: Mexico’s finance minister reveals 2023 draft budget

*Mexico’s finance minister, Rogelio Ramírez de la O, has presented the government’s draft budget for 2023 to the federal congress. The budget proposal, for some M$8.3trn (US$417.5bn), is up 11.6% on the M$7.08trn approved for the 2022 budget. Ramírez de la O stated that the budget was based on the principles of “austerity, efficiency and rationality in spending”, adding that it was “balanced, responsible and realistic”. Earlier this week, President Andrés Manuel López Obrador stated the 2023 budget would not include increases in tax, electricity tariffs or fuel prices and would prioritise welfare and social programmes. In a statement, the SHCP said it forecast GDP growth of 2.4% in 2022 and of between 1.2% and 3% in 2023, with annual inflation forecast at 7.7% in 2022 and 8.5% in 2023.

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