Monday, November 29, 2021

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Senate of Mexico approved the largest budget in history

Senate of Mexico approved the largest budget in history

Mexico, Oct 27 (Prensa Latina) The Mexican Senate sent today to the national executive a Revenue Bill for 351 billion dollars to make up the budget for year 2022.
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The largest budget in the history of the country is based on an oil production of one million 826 thousand barrels per day and an average price of the Mexican export crude of 55.1 dollars a barrel, although current prices are close to 80 dollars the barrel.

Of the total, the Senate foresees that around half will come from taxes, even though the Government does not propose raising them.

The decision was approved early today after a tense and strong 16-hour discussion that began the previous afternoon and ended this Thursday around 03:00, local time, with 67 votes in favor and 38 against.

The Revenue Bill also predicts a GDP growth of 4.1 percent and an exchange rate of 20.3 pesos per dollar, in addition to numbers indicated for oil production.

With the approval of the Bill for 2022, the Fiscal and the Rights Bills were also approved, which were turned over to the federal executive, with which this process was finally concluded in the Senate.

Raúl de Jesús Elenes, senator for the Morena party, said the highest budget in the country’s history will be placed in the hands of the Government, which will be used in favor of the lower-income population and is not based on public debt but on tax collection mostly.

The opposition criticized that everything was approved exactly as proposed by the government’s initiative, thereby admitting in fact their failure in the attempts to control the distribution of the budget, an objective they had for midterm elections in which they aspired to achieve a majority in Congress.

pgh/lcr

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