Mexican Congress gives final approval for 2018 budget

MEXICO CITY (Reuters) – Mexico’s Congress on Friday gave final approval to the federal budget for 2018, raising assumptions for oil prices and the exchange rate to help increase funding for reconstruction after two devastating earthquakes.

The lower house backed the part of the budget covering income, which was then sent to President Enrique Pena Nieto. Congress recently approved the expenditures portion of the proposal.

Authorized spending totals 5.28 trillion pesos ($276.98 billion), up 43.29 billion pesos from the original draft. Legislators raised the projection for the exchange rate from 18.1 pesos per dollar to 18.4 and oil price assumptions from $46 to $48.5 dollars per barrel.

The cost of rebuilding areas affected by the quakes, which killed 471 people in central and southeastern states, will approach 48 billion pesos, Pena Nieto has said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.