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Mexico to slash 2017 budget

Bnamericas Published: Tuesday, April 05, 2016
Mexico to slash 2017 budget

Mexico's finance ministry is planning further spending cuts next year as a result of declining oil prices, which may hurt railway projects.

The ministry will slash 175bn pesos (US$10bn) from the federal budget in 2017. This follows a budget cut of 132bn pesos announced in February.

Mexico is now planning to invest 13.19bn pesos in new railway projects next year, down from the 13.24bn pesos it will spend on them this year.

Currently the government is building the Mexico-Toluca interurban train project, which is expected to enter the testing phase in December.

Mexico's congress had originally approved a budget of 105bn pesos for the communications and transport ministry this year, down 16.5% from 2015. That figure will now be cut again by 12.3bn pesos.

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