Expat's Corner

Mexico Cuts $8.4 Billion of Spending Due to Oil Price Drop

January 30, 2015

Mexico will cut government spending by $8.4 billion this year because of a drop in revenues due to declining oil prices.

Finance Minister Luis Videgaray also said Friday the government will put on hold plans to build a high-speed rail project that has been marred by allegations of favoritism.

Mexico has seen prices for its oil fall in recent months from around $100 to $38.42 per barrel. The government relies on oil revenues for about a third of its budget.

A Mexican firm allied with Chinese companies won the high-speed rail project in November. But the . . .



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