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Weekly Report - 14 September 2023 (WR-23-37)
MEXICO: Government proposes budget for electoral year
Mexico’s finance ministry (SHCP) has presented its proposed budget for 2024 – the final year of President Andrés Manuel López Obrador’s term. The budget is clearly geared towards an electoral year, with López Obrador departing from the austerity that has marked much of his presidency. The increase in spending is mainly driven by funding the president’s flagship infrastructure projects, which are key to his legacy, as well as his ever-popular social programmes, which will serve as a likely boost for the campaign of Claudia Sheinbaum, the presidential candidate for the ruling left-wing Movimiento Regeneración Nacional (Morena). However, Mexico’s private sector has warned that the budget is likely to cause headaches for López Obrador’s successor, whoever that may be, leaving little room for their own priorities - or margin for error.
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