They approve a deficit of 4.9% of GDP

The full Senate approved the Federal Income Law 2024, which includes a historic deficit of 4.9% of GDP, which will be used to “facilitate the refinancing of Pemex debt”; Therefore, in 2024, Mexico will have income of nine trillion 66 thousand 45 million pesos, in addition to a net internal debt of 1.9 trillion pesos and a net external debt of 18 billion dollars.

The income package for next year includes changes to the Federal Law of Rights so that tourism income is channeled to National Defense, in order to fund the operation of the Mayan Train; apply a tax rate of 5% on profits to military airports and 9% to private airports, income that will be allocated to the Defense and the Navy to strengthen the airport system under their coordination, as well as the Felipe Ángeles International Airport.

In addition, obtaining the technical education degree will cost 191 pesos.

In the morning, Gabriel Yorio, Undersecretary of the Treasury, explained to the senators that the deficit “also corresponds to the fact that we have to facilitate the refinancing of Pemex's debt, especially the amortizations that they have in 2024, where 2024 is expected to be some volatility events.”

He specified that “Pemex is a company that is highly profitable when the burden of both taxes and debt is removed; It is comparable with other oil companies in the world.

The situation of the company in 2018, which we have tried to stabilize, is a company that practically increased very rapidly, doubling its debt in less than six or seven years. The debt went from 50 thousand to 100 billion; 116 billion dollars, especially the market, which was not necessarily reflected in an increase in production and production was falling,” he said.

He informed them that “the debt has been reduced through two very clear strategies. Number one, reduce the right to shared profits and make it comparable to the tax burden that companies have in Mexico, which is close to 30%, 33%; We are currently reducing that burden.

This implies that, effectively, there is a shift of the federal government's balance to Pemex and this is direct support to the company, which is tied to them no longer going to the market or not raising financing and this implies reducing market debt. at the same time that we are lowering the cost of Pemex's debt.

This has to be done gradually; Pemex's debt has decreased, it is around 96,000, 98,000 million dollars, so it is a portfolio that has to be managed very gradually over the years,” he explained.

The parliamentary opposition groups criticized the debt and deficit. Gustavo Madero, from the Plural Group; Gina Cruz, Mayuli Latifa Simón; Xóchitl Gálvez, Kenia López, Julen Rementería, Damián Zepeda, Marco Antonio Martín del Campo, Erandi Bermúdez, among others, regretted the high levels of debt and deficit.

They accused that these are unusual levels; “25% of the country's income has never been based on debt,” Madero said.

The criticism focused on the fact that during five years of government, the President of the Republic assured that he was not going to request debt and now requests 1.9 billion pesos; figure never recorded in the history of a government.

But in the face of these criticisms, the ruling party came out in defense of the deficit and the debt, arguing that on this occasion they are instruments that will allow the country's growth on solid bases, as expressed by Imelda Castro and José Narro Céspedes.

Generally approved with 70 votes in favor and 43 against, the Federal Income Law 2024 provides for four billion 942 thousand 30 million 300 thousand pesos for taxes; one billion 312 thousand 289 million 400 thousand pesos for sales of goods, provision of services and other income.

It contains an estimate of annual GDP growth of between 2.5 and 3.5 percent; an average exchange rate of 17.1 pesos per dollar, as well as the average crude oil production platform, at one million 983 thousand barrels per day, with the price estimate of 56.7 dollars per barrel.

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