The public debt, in its broadest measure, closed the six-year term of Andrés Manuel López Obrador at a higher level than expected, according to the information disclosed by the Ministry of Finance and Public Credit (SHCP).
In the Public Finance and Public Debt Report for the third quarter of the year, the agency in charge of Rogelio Ramírez de la O indicated that the Historical Balance of the Financial Requirements of the Public Sector (SHRFSP), the debt in its broadest measure, It stood at a level of 49.3% of the Gross Domestic Product (GDP).
This level would be higher than projected last July, when the Secretary of the Treasury assured that Claudia Sheinbaum would receive the debt at a level of 48.6% of GDP.
“(The balance of public finances) is a daily management, income-expenditure task. And very frequently we are having meetings with the President to ensure that we are not late when we have to adjust certain income and expense items. This measure is presented succinctly in a goal – among others, it is not the only one – that the public debt remains stable at a level; Today it is at 48.6% of the Gross Domestic Product. And this is the figure that the President will present at the end of his administration,” the head of the Treasury said at the time.
In this way, the SHRFSP stood at 16 trillion 732,790 million pesos, which represented a growth of 10.3% compared to the same month last year.
In a press conference, Edgar Amador Zamora, Undersecretary of the Treasury, indicated that the figure is higher due to the volatility that has been observed in the exchange rate, as well as the changes in interest rates both in Mexico and in other countries.
“This financial volatility is going to affect this ratio (debt-GDP) in one way or another.” In this sense, the rate of 49.3% is in line with estimates. Depending on how the macro-financial variables close, we will have a different figure,” he said.
“Favorable balances”
The Treasury report indicated that, at the end of the third quarter, the main fiscal balances showed “favorable results” with respect to what was programmed for the period.
In the case of the budget balance, a lower deficit was reported here by 56,000 million pesos compared to what was expected, while the primary budget deficit was lower than what was programmed by 1,000 million pesos.
“The Financial Requirements of the Public Sector were located at 1 trillion 272,000 million pesos,” highlighted the Treasury. It is expected that at the end of the year, this indicator will reach a level of 5.9% of GDP.
