Mexico's Secretary of Finance Announces Cut in Public Spending After Brexit Results

It's the second cut of its kind on 2016.

Mexico's Ministry of Finance and Public Credit released an official statement saying that the public spending budget will be cut by 31.715 million pesos after the "Brexit" referendum ended on a victory for the UK leaving the European Union. The Mexican peso fell over 4% against the USD before the Brexit results were announced

"We have issued a second cut on public spending, exclusively on Federal Government, excluding Mexican Oil (Pemex), by 31.715 million pesos", said Luis Videgaray, Mexico's Secretary of Finance and Public Credit.

Of the aforementioned budget cut, 21.079 million pesos (91.7% of the total amount) is taken from current expenditure, with the Mexican government hoping to meet its fiscal target for the year.

This sudden measure amounts to 0.7% of the country's GDP: 132.300 million pesos.

Via Excélsior

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