The government of Andrés Manuel López Obrador assigned a total of 815 thousand 221 million pesos for him interest payment and other services derived from indebtedness during 2022.
Its about highest amount paid since 1990when the country allocated just over 952 thousand 955 million pesos, according to data from the Ministry of Finance and Public Credit.
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However, despite these results, the SHCP assured that public debt as a percentage of the Gross Domestic Product (GDP) it remains stable, as well as on a downward trajectory.
According to the agency, headed by Rogelio Ramírez de la O, by the end of 2022 the Historical Balance of Public Sector Financial Requirements (SHRFSP), the broadest measure of the debtit was of 14.09 trillion pesoss, equivalent to 49.4 percent of GDP.
“The financial cost was impacted by the interest rate adjustment, by the monetary policy adjustments, both in international and local markets. However, if we make a comparison of how much it rose at other times or in the adjustment phase, this time it was adjusted to a lesser extent,” he said. Gabriel Yorioundersecretary of the SHCP.
In interview with The Sun of MexicoYorio recalled that one of the strategies of the current administration consisted of “shielding” the financial cost of the debt, given the episodes of financial volatility observed in recent months.
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Part of this strategy consisted of refinancing assets, especially in 2020 when interest rates were close to zero, and having hedging programs in various areas of the Economic budget.
“The reason why it did not rise so much is because we shielded the financial cost with various strategies; We have been managing to shield the cost and it did not increase as much as it did on other occasions,” he specified. Since Lopez Obrador aspired to the presidency, one of his main promises was to reduce the country’s external indebtedness.
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