Aumenta 26% déficit público

4/1/2023

Fuente: Reforma

En los últimos años, los ingresos no han alcanzado para cubrir los gastos, un déficit que en 2022 tocó su nivel más elevado desde hace seis años.

De enero a noviembre del año pasado, este déficit se ubicó en 611 mil 146 millones de pesos, el mayor monto reportado para el mismo periodo desde 2016. Un año antes, en 2015, el déficit alcanzó 719 mil 736 millones de pesos, según cifras de la Secretaría de Hacienda. Además, dicho monto fue 25.9 por ciento mayor al de igual periodo de 2021.

LEA MÁS

Mexico to up amount of debt sold in first quarter of 2022

12/22/2021

Source: Reuters

Mexico will increase the amounts of bonds known as “Udibonos” and “M Bonds” at 10-years, 20-years, and 30-years to be sold in the first quarter of next year compared to the prior quarter, the government’s debt issuance program showed on Monday.

It will also start sales of 7-year “Bondes,” the finance ministry said in a statement that includes a calendar for the sales.

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Mexico may cut Pemex tax liability in bid to boost oil production

Source: World Oil

MEXICO CITY (Bloomberg) –Mexico could slash Pemex’s taxes further as the world’s most indebted oil company scrambles to reverse long-term oil production declines.

“With Pemex, for example, we are constantly or periodically lowering taxes so they have more funds,” said President Andres Manuel Lopez Obrador during his daily press conference on Monday. “And we can lower them more.”

In September, the government cut Pemex’s profit-sharing duty to 40% for 2022 from 54% in 2021. Last week, Pemex announced that it will receive a $3.5 billion capital injection from the government as part of a transaction to pay down obligations and also embark on a series of bond buybacks and new issuance to reduce the cost of servicing its borrowings.

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Mexico Is Refinancing Pemex Debt After Getting IMF Reserves

09/07/2021

Source: Bloomberg

Mexico has begun a process of refinancing state-owned Petroleos Mexicanos’s debt, after the nation received a transfer of about $12 billion from the International Monetary Fund. 

President Andres Manuel Lopez Obrador said Monday that refinancing had begun, and restated that he wants to use newly issued IMF reserves to pay debt, but that he couldn’t provide further details. His spokesman Jesus Ramirez confirmed to Bloomberg News that Pemex’s debt is being refinanced.

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Mexico Proposes Austere Budget to Bring Debt Burden Down

09/08/2020

Source: Bloomberg

Mexico’s government is proposing an austere budget for 2021, with no significant spending increases and a path to reduce the debt burden, as the economy rebounds from the worst contraction in almost a century.

The Finance Ministry expects next year to post a balanced primary result, which excludes interest payments, growing to a primary surplus of 1% of gross domestic product by 2024, according to its budget plan handed to lawmakers in Mexico City late Tuesday.

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Mexico probes suspected rigging of government bond trading

10/14/19 – Reuters

By Noe Torres, Dave Graham, & Abraham Gonzalez

Some participants in Mexico’s financial market are under investigation on suspicion of engaging in “absolute monopolistic practices” in the brokerage market for Mexican government debt, the country’s antitrust watchdog said on Monday.

The Federal Economic Competition Commission (Cofece) said in a brief statement an unspecified number of suspects had been summoned to shed light on what the watchdog described as efforts to manipulate the price of Mexican sovereign debt.

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A Victim of Trump (and Fundamentals), the Peso Falls

11/14/2016 Forbes.com, Mexico Institute Blog

By Viridiana Rios, Global Fellow, Mexico Institute

I write today as a middle class Mexican whose savings lost 10 percent of their value when American voters elected a leader who pledged to renegotiate NAFTA and tax us to pay for a wall. As a result of the election and other factors, the Mexican peso has overtaken the Argentine peso and the South African Rand to become the emerging markets 2016 worst performer.

The Mexican Peso was a barometer for the presidential campaign. It lost 10 percent of its value when Clinton lost, 1.9 percent in the week after the FBI reignited Clinton’s email controversy, and hit its historical low in the days following the election as speculation turned to the potential impact of Trump’s first months in office. The peso spiked 1.3 percent in less than an hour during the first presidential debate, and when Trump’s lewd conversation about women broke, it gained 2.2 percent.

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To BNP, Mexico Is Too Optimistic About Growth as Debt Balloons

10/28/16 Bloomberg

Mexico’s economic projections are way too rosy for BNP Paribas SA. Marcelo Carvalho, an economist at the bank, says Mexico will grow by just 1.5 percent in 2017, the weakest in five years. It’s well below growth of as much as 3 percent forecast in a budget approved by lawmakers last week.

Carvalho isn’t alone. Economists at Barclays Plc to Nomura Holdings Inc. are concerned that Mexico’s longer-term growth estimates may also be unrealistic, threatening to undermine the government’s pledge to stem a debt spiral. S&P Global Ratings and Moody’s Investors Service have already placed their credit ratings for Mexico on negative watch, citing rising indebtedness.

 “A combination of slower growth, higher interest rates, and fiscal disappointment is not good for the debt dynamics and could increase chances of a rating downgrade,” said BNP’s Carvalho.

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Pemex Isn’t Mexico’s Only Debt Problem as States Owe $28 Billion

4/19/16 Bloomberg Business

Mexico’s debt-laden oil producer has largely dominated investors’ attention in recent months because of the threat it poses to the government. But that’s not the only potential debt crisis facing the nation.

States including Veracruz, Nayarit and Zacatecas are drowning in red ink after racking up about $28 billion in obligations, the most in two decades. Their finances are about to deteriorate even further as many governors ratchet up spending to bolster their chances of winning elections in June, according to Moody’s Investors Service analyst Francisco Vazquez. On April 1, the ratings company lowered the outlook for all but one of Mexico’s 31 states to negative.

“A state crisis is coming,” said Rodolfo Navarrete, a Mexico City-based analyst at Vector Casa de Bolsa, and the most accurate Mexico economic forecaster according to data compiled by Bloomberg. “I expect state governments will look for more financing, either by trying to increase transfers from the federal government or by raising bank debt. This will increase public-sector debt,” which could affect the nation’s credit rating.

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Mexico Will Defer Oil Exploration Projects to Slash Spending

3/1/16 ABC

The state-run oil company, Petroleos Mexicanos, said Monday it will slash spending 22 percent and cut unprofitable production about 100,000 barrels a day as it struggles with liquidity problems and past-due payments to suppliers.

The company, known as Pemex, said it will cut $5.5 billion from its 2016 budget, delay deep-water exploration and decrease production of super-heavy crude because of low world oil prices.

Delaying production and exploration projects will account for about two-thirds of the $5.5 billion spending cut.

Pemex still faces a serious issue: It owes suppliers almost $7 billion, a debt the company acknowledges is a problem.

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