The challenges Mexico faces, according to the business sector

According to the Business Coordinating Council (CCE), it's vital that Mexico reduces public debt

Mexico City – Jenifer Nava/EL UNIVERSAL
English 22/01/2018 15:32 Ivette Saldaña Mexico City Actualizada 15:34
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The Business Coordinating Council (CCE) claims that the country is facing three specific challenges: economy, politics, and rule of law, which would imply reducing public debt, insecurity, and corruption.

“It's necessary to maintain the macroeconomic stability through the reduction of national debt and a more efficient, responsible, public expense. Mexico cannot continue increasing its debt, which today is 48% of the GDP,” said the president of the Council, Juan Pablo Castañón.

He added that the Executive Branch committed itself to a final reduction of MXN$43.4 billion (USD$2.3 billion) regarding the previous year, yet the actual number is MXN$109.6 billion (USD$5.8) over the budget.

“If we don't start to reduce our debt, we will see negative impacts on the exchange rate, inflation, and on the foreign accounts of the country. We have to work more to keep a low and stable inflation rate and get closer to the 3% goal of the Bank of Mexico. We cannot forget this is the most unjust and tiresome tax, above all, for those who have less,” he added.

Furthermore, Castañón said that according to a survey by the National Institute of Statistics and Geography (INEGI), insecurity cost Mexico over MXN$229 billion (USD$12.2 billion) in 2016.

“We Mexicans have lost hope many times because we've had rulers who only care about their personal interests and not for the interests of the people,” he said during his weekly address.

USD amounts calculated at a rate of USD$1 = MXN$18.6

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