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Mexican debt increased 50 percent, says Ceesp

Staff Writer | July 9, 2016
Mexican debt has risen by 50 percent during the administration of President Enrique Peña Nieto, the Center for Economic Studies of the Private Sector (Ceesp in Spanish) said.
Enrique Peña Nieto
LatAm economy   A report from the Center for Economic Studies:
Waste and diversion of public resources were the main cause of the unprecedented debit, according to Luis Foncerrada, director of Ceesp. He noted that this situation places the Mexican economy in a position of great weakness and affects the purchasing power of the population.

Foncerrada, who represents a non-governmental organization, said that the debt has increased from 6.3 billion pesos in 2012 to 9.3 billion pesos in May 2016, when the exchange rate of the Mexican currency was just over 18 pesos per U.S. dollar.

He also stressed that government investment fell from 3.7 percent of the GDP in December to three percent so far this year.

In addition, the economist stated his regret that poverty had increased in the country during the current administration.