The 2024 Economic Package proposes total income of 9.1 trillion pesos, however 19.2% is debt, highlights IBD study

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Mexico.- According to the “Analysis of the Economic Package for Fiscal Year 2024”, prepared by the General Directorate of Finance of the IBD, for 2024, budgetary revenues of 7 billion 328,995.2 million pesos are estimated for 2024, 1.8% lower in In real terms compared to what was approved in the 2023 Income Law, however, financing income reaches 1 billion 737,050.6 million pesos, which grew 40.9% in real terms.

On the other hand, it stands out that the SHCP proposes a total paid net expenditure of the public sector for 9 billion 021,995.2 million pesos, 4.3% higher in real terms compared to the 2023 Budget, where the growth of the financial cost (debt interest) stands out at 11.8 %.

From the above, a deficit economic balance of 4.9% of GDP and Financial Requirements of the Public Sector of 5.4% of GDP results, so the public debt is expected to be 48.8% of GDP.

The IBD document recalls that at the beginning of the current administration the federal government had announced that a tax reform would be proposed in the third year, although various specialists had anticipated at the time that this would not be presented and that the proposed changes would raise tax collection only marginally.

According to the SHCP, the 2024 Economic Package is aligned along three axes: i) strengthening the social protection network; ii) labor and salary policy reforms; and iii) the promotion of infrastructure projects, mainly in the south-southeast region, the study indicates.

With information from the Senate

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