For his part, the Undersecretary of Finance, Gabriel Yorio, explained that public debt is less dependent on foreign debt, since the portfolio is diversified, including sustainable bonds.
He highlighted that among OECD countries, Mexico has kept its debt below 50% of GDP, and that the target set for closing September is lower than that approved by Congress for closing 2024, which is 48.8%.
In a presentation made at the president’s press conference, the official assured that During the six-year term, there was an increase of 4.9 percentage points in the debt as percentage of GDP.
Yorio explained that throughout the current administration, the debt has remained at stable levels, thanks to an anchored debt policy. He highlighted that financing reported accelerated growth during the Covid season, but has been systematically declining.
The Treasury expects the debt to grow by 7.4 percentage points relative to GDP from 2018 to the end of September 2024, while it increased by 8 percentage points under the previous administration of Enrique Peña Nieto, and by 4.9 percentage points under Felipe Calderón Hinojosa, the undersecretary explained.
External debt as a proportion of total debt also fell, from 23.3% to 15.7%.
The Treasury reported on Tuesday that the Historical Balance of Public Sector Financial Requirements (SHRFSP) stood at just over 16 trillion pesos at the end of the second quarter of the year, equivalent to 47.2% of GDP. Meanwhile, the federal government’s net debt stood at 13.99 trillion as of June 2024.
With information from Reuters.
