November 11, 2016 / 2:00 PM / 3 years ago

Mexico's lower house approves 2017 budget, sends it to president

MEXICO CITY, Nov 11 (Reuters) - Mexico’s lower house of Congress approved the 2017 budget early on Friday, sending the package to Mexican President Enrique Pena Nieto for him to sign into law.

The government presented its budget plan in September, calling for a bigger-than-anticipated cut in public spending, including a 100 billion peso ($4.78 billion) reduction in funding for struggling state oil company Pemex.

Finance Minister Jose Antonio Meade said the budget would cut planned spending by 239.7 billion pesos ($12.83 billion) and targets a primary surplus of 0.4 percent of gross domestic product in 2017.

The budget was based on the peso’s average value of 18.62 per dollar in 2017. That now looks unlikely, however, after Donald Trump’s surprise election as U.S. president, which has smashed Mexican assets and taken the currency to record lows of more than 20 pesos per dollar.

$1 = 20.9027 pesos Reporting by Gabriel Stargardter; Editing by Lisa Von Ahn

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