Incoming Mexican administration pledges to reduce budget deficit, as markets recover from shock

Mexican newspapers show photos of presidential candidate Claudia Sheinbaum declaring victory in Mexico City, Monday, June 3, 2024, the day after the general election. – Mexico’s treasury secretary pledged Tuesday to bring down the federal budget deficits in coming years, after the country sufferedFinance Minister Rogelio Ramírez said the federal deficit will be cut from this year’s level of almost 6% of GDP, to around 3% in coming years.

Ramírez also said the government would work to improve the financial affairs of the debt-laden state oil company Petróleos Mexicanos., the candidate of President Andrés Manuel López Obrador's Morena party, who won Sunday's presidential election. Sheinbaum’s landslide victory, along with an apparent super-majority in Congress for her Morena party, raised fears that her party will press forward with Constitutional changes that would weaken democratic institutions and turn an already hostile business environment in some sectors even worse.

Sheinbaum has promised to continue the political course set by her populist predecessor despite widespread discontent with

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