Mexico's finance ministry on Friday said it plans further spending cuts next year, as weak oil prices pile pressure on a budget that has had billions of dollars sucked from it since the start of 2015.
One day after Moody's lowered the outlook on Mexico's credit rating, the ministry said it aimed to make savings of 175.1 billion pesos ($10.1 billion) in 2017. That followed a February announcement in which it cut 2016 spending by 132 billion pesos, or 0.7 percent of gross domestic product (GDP).
Mexico's public finances would have to cope . . .
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