November 10, 2017 / 4:07 PM / a year ago

Mexican Congress gives final approval for 2018 budget

MEXICO CITY (Reuters) - Mexico’s Congress on Friday gave final approval to the federal budget for 2018, raising assumptions for oil prices and the exchange rate to help increase funding for reconstruction after two devastating earthquakes.

The lower house backed the part of the budget covering income, which was then sent to President Enrique Pena Nieto. Congress recently approved the expenditures portion of the proposal.

Authorized spending totals 5.28 trillion pesos ($276.98 billion), up 43.29 billion pesos from the original draft. Legislators raised the projection for the exchange rate from 18.1 pesos per dollar to 18.4 and oil price assumptions from $46 to $48.5 dollars per barrel.

The cost of rebuilding areas affected by the quakes, which killed 471 people in central and southeastern states, will approach 48 billion pesos, Pena Nieto has said.

Reporting by Miguel Gutierrez; Writing by Julia Love; Editing by Jeffrey Benkoe

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