{"id":9799,"date":"2023-09-10T19:09:28","date_gmt":"2023-09-10T19:09:28","guid":{"rendered":"https:\/\/prosfunds.com\/news\/mexico-sees-similar-economic-growth-next-year-more-help-for-pemex\/"},"modified":"2023-09-10T19:09:28","modified_gmt":"2023-09-10T19:09:28","slug":"mexico-sees-similar-economic-growth-next-year-more-help-for-pemex","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=9799","title":{"rendered":"Mexico sees similar economic growth next year, more help for Pemex"},"content":{"rendered":"
\n

By Ana Isabel Martinez<\/p>\n

MEXICO CITY (Reuters) -Mexico’s government expects the economy to grow by between 2.5% and 3.5% next year, in line with this year’s growth, according to a budget blueprint released on Friday that includes fresh taxpayer assistance for the country’s ailing state oil company.<\/p>\n

Latin America’s biggest economy after Brazil will likely grow 3% this year.<\/p>\n

The finance ministry’s 2024 draft budget forecasts headline inflation slowing to 3.8% by the end of next year, confirming a Reuters report, compared with a 4.5% rate of rising consumer prices this year.<\/p>\n

A draft seen by Reuters had forecast 2024 economic growth at 2.4%, below the final published figure.<\/p>\n

Mexico’s independent central bank, known as Banxico, last week estimated headline inflation at 4.6% by the fourth quarter of this year, with a more dovish prediction for economic growth next year of between 1.3% and 2.9%.<\/p>\n

The 2024 budget will now be debated by lawmakers in Congress, where the ruling coalition of President Andres Manuel Lopez Obrador commands majorities in both chambers.<\/p>\n

The draft budget estimates the exchange rate for the Mexican peso at 17.6 pesos per dollar by the end of 2024, around its current levels near a 7 1\/2-year high, signaling continued strength for the widely traded emerging market currency.<\/p>\n

The budget assumes an average oil export price of $56.7 per barrel next year, well below the average of around $68 in the first eight months of 2023.<\/p>\n

The key 2024 oil price is used to estimate a large amount of government revenue.<\/p>\n

State oil company Pemex’s overall budget will be cut 36%, according to the draft budget from 2023 funding levels.<\/p>\n

The budget plan includes a fresh Pemex capital injection of 145 billion pesos ($8.25 billion), which a source told Reuters earlier would be applied to its 2024 debt payments.<\/p>\n

The ministry said the capital injection is subject to Pemex maintaining “moderate indebtedness.”<\/p>\n

The government push to help service Pemex’s $110.5 billion in financial debt, including $11.2 in debt payments due in 2024, in part aims to ease the firm’s rising financing costs.<\/p>\n

The draft budget projects those costs will dip next year by about 4.75 billion pesos ($270 million), or down by 7.6% in inflation-adjusted terms.<\/p>\n

The spending blueprint also includes a significant tax cut for heavily indebted Pemex, lowering its DUC profit sharing tax rate to 35% next year, from 40%.<\/p>\n

($1 = 17.5770 Mexican pesos)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Ana Isabel Martinez MEXICO CITY (Reuters) -Mexico’s government expects the economy to grow by between 2.5% and 3.5% next year, in line with this year’s growth, according to a budget blueprint released on Friday that includes fresh taxpayer assistance for the country’s ailing state oil company. Latin America’s biggest economy after Brazil will likely […]<\/p>\n","protected":false},"author":1,"featured_media":3758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-9799","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nMexico sees similar economic growth next year, more help for Pemex | Prosfunds<\/title>\n<meta name=\"description\" content=\"By Ana Isabel Martinez MEXICO CITY (Reuters) -Mexico's government expects the economy to grow by between 2.5% and 3.5% next year, in line with this year's\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=9799\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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