Mexico's public debt over 35 percent of GDP

Mexico City, Jan 24 (IANS/EFE) Mexico's total public debt is at 35.8 percent of the gross domestic product, the Finance Secretariat said.

This figure is "significantly below the average comparable debt level reported by the International Monetary Fund for the advanced economies, which is just over 100 percent of the GDP of these economies", Deputy Finance Secretary Fernando Aportela said.

About 80 percent of Mexico's domestic liabilities are long-term instruments at fixed interest rates and Udis (Investment Units), "limiting exposure to interest-rate volatility", Aportela said.

The deputy finance secretary discussed Mexico's debt profile during a press conference Tuesday at which the 2013 Annual Financing Plan was released.

The Revenue Law approved by Congress in December authorized the government to borrow up to 415 billion pesos ($32.93 billion) domestically to finance the fiscal 2013 budget.

The legislation also authorized the government to borrow $7 billion on foreign markets, a figure that "includes the total net foreign debt contracted with international financial institutions".




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