Mexico to slash spending by $5.8bn

9/9/2015 Financial Times

energy- oil pumps 2Mexico plans to cut spending by another $5.8bn in 2016, finance minister Luis Videgaray said on Tuesday, after its economy was buffeted by tough global economic conditions and especially the drop in oil prices.

A 2016 budget package, which he submitted to Congress, reduces spending by 1.15 per cent of gross domestic product compared with the 2015 package — a total of 221bn pesos ($13bn). Mr Videgaray said that more than half of the budgetary belt-tightening had already happened — amid falling oil prices, Mexico’s main budgetary problem, the government announced a pre-emptive 124bn peso austerity drive in January.

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Mexico housing project goes solar

Solar PanelsUnited Press International, 2/25/2013

A housing project in Guadalajara is going solar with help from Mississippi’s Solar America Corp., an innovator in the cost-saving technology. Mexico leads Latin America in solar energy production but analysts say the country has yet to exploit its full potential. More solar power generation in Mexico will free up its oil output for exports and save the state precious resources that are currently spent on producing non-renewal energy.

Industry analysts say Mexico can combine solar power with wind energy production to get the best results from its existing potential of the two natural resources. The latest solar energy deal takes development of the resource a few steps forward. Solar America Corp. said Monday it signed a memorandum of understanding with Valdez Cueva Constructores Asociados S.A. de C.V., the principal contractor for the housing project.

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