Mexico’s 2017 budget cuts will squeeze Pemex

Reuters – Mexico’s government on Thursday set out plans for a bigger-than-anticipated cut in public spending in 2017, with struggling state oil company Pemex earmarked for a 100 billion peso ($5.36 billion) reduction in funding. New Finance Minister Jose Antonio Meade said the budget foresaw planned spending cuts of 239.7 billion pesos ($12.83 billion), targeting a primary surplus of 0.4 percent of gross domestic product in 2017. It would be the first such surplus since 2008. 

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