Mexico Cuts Outlays Again

-- Low oil prices are forcing Mexico to tighten its fiscal belt another notch. On July 8, officials axed an additional $600 million of spending from the country's $100 billion budget for this year. Half the money will come out of Petroleos Mexicanos' exploration budget. Cuts decided so far this year now total $3.45 billion, or nearly 1% of gross domestic product.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.