The projected growth “is based on the strength of employment and the dynamism of the internal market, with consumption and investment as key drivers,” said the Secretary of Finance and Public Credit, Rogelio Ramírez de la O.

When delivering the project in the Chamber of Deputies, Ramírez indicated that in response to the budget’s goals, the Federal Income Law foresees collecting eight trillion pesos (about 400 billion dollars) mainly from taxes.

“The projected 5,3 trillion pesos (more than 260 billion dollars) in tax revenues represent a real 2,6 percent year-on-year increase, allowing tax revenues to reach 14,6 percent of the GDP for the first time in Mexican history” he said.

He pointed out that this boost in tax revenues will come without fiscal overhaul.

Regarding the deficit projected for 2025, he anticipated a 3,2 percent drop in GDP, with a public debt level of 51.4 percent, which implies maintaining it “at a sustainable level and supporting financial stability in the medium and long term.”

These figures, he stressed, “represent a significant effort to achieve fiscal consolidation and will allow us to fulfill the vision of the president (Claudia Sheinbaum) of preserving solid public finances and manageable debt.”

In terms of spending, he said that the initiative reaffirms the government’s commitment to lower-income sectors and announced that they will continue to prioritize social programs, which “have a direct impact on the well-being and quality of life of millions of Mexicans.”

He added that the budget also includes a wide range of infrastructure investment projects, aimed at improving connectivity among the country’s regions and to strengthen the internal market, as well as expanding the railway system.

arc/las