SHCP: ’15 budget to support reforms
Secretariat confirms a growth forecast of 2.7 percent
THE NEWS
In order to implement reforms effectively and increase Mexicans well-being, the federal government, through the Treasury and Public Finance Secretariat (SHCP), has delivered the 2015 economic package to the Chamber of Deputies.
The SHCP said that the economic package contains the Initiative for the Federal Income Law (ILIF), the Federal Expenditure Budget Project (PPEF) and the Economic Policy General Criteria (CGPE).
The SHCP said that the package is establishing the foundations to consolidate and accelerate Mexico’s economic growth in an atmosphere of stability and social inclusion.
Regarding macroeconomics, the SHCP confirmed a growth forecast of 2.7 percent this year and estimates it will increase to 3.7 in 2015.
Inflation forecast is of 3.0 percent, in accordance to Mexico’s Central Bank (Banxico) goal. Banxico also expects a reference price of Mexican mixed crude oil of $82 per barrel and an exchange rate of 13 pesos per dollar.
The limit on the federal government’s internal debt for 2015 will be 595 billion pesos ($45.6 billion) and the public sector’s external debt will be $6 billions. These numbers are smaller than those approved in 2014.
Concerning fiscal policies, the 2015 economic package builds on the economic strength and benefits of the 2013 tax reform by not proposing new taxes, not raising current taxes and not eliminating fiscal benefits for taxpayers.
According to the Hydrocarbon Law, starting January 2015, gas and diesel prices will be adjusted only at the beginning of the year in accordance to inflation forecast and will remain constant throughout the year.
The 2015 ILIF reflects the strengthening of public income produced by the tax forms and estimates historical public income amounting to 4 trillion pesos representing a 1.4 percent increase from the one approved in 2014.
The SHCP said that regarding the 2015 PPEF, one of the federal government’s priorities is that public expenditure supports economic growth. For this reason, public expenditure will be destined to infrastructure investment and social programs that improve the quality of life of Mexicans.
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