Mexico expects its budget deficit next year to come down to 3.9% of GDP as growth increases, Finance Minister Rogelio Ramirez de la O said on Friday, as the government plans hefty spending cuts including to defense and security.

Mexico’s government said on Friday that it will narrow the fiscal deficit next year even as President Claudia Sheinbaum pledges to boost social programs and support the heavily-indebted state driller Petroleos Mexicanos.

Mexico’s government said on Friday that it will narrow the fiscal deficit next year even as President Claudia Sheinbaum pledges to boost social programs and support the indebted state driller Petroleos Mexicanos.