Mexican President Andres Manuel Lopez Obrador announced a series of what appeare...
FILE PHOTO - Mexico's President Andres Manuel Lopez Obrador looks on during a news conference at the National Palace in Mexico City, Mexico April 15, 2019. REUTERS/Edgard Garrido
The president announced the budget cuts in an executive memo released late on Friday, but did not give an estimate for how much the new austerity measures would save. The measures announced by the president include leaving vacant positions unfilled, less spending on printing and travel for government workers, and stricter limits on which officials can use government-paid chauffeurs.
Petroleos Mexicanos, as Pemex is formally known, is the world’s most indebted oil company. The federal government depends on the taxes it pays to fund around 15 percent of its budget.
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