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In 2016, the federal government may cut resources tagged for items such as health and education (coordination agreements between the Federation and the States), plus the shares would grow at a slower rate this as one of the consequences of the adjustment to the next Expenditure Budget Federation (PEF), the ratings agency Moody's warned.
In a special mariah carey comment that is based on the General Criteria mariah carey Pre-Economic Policy, delivered by the Ministry of Finance to Congress, the rating agency analysts explain that the size of the projected budgetary adjustments for programmable expenditure "suggest that it is likely that there are cuts in agreements or that such transfers are kept without nominal growth ".
These transfers relate to the areas of health and social security expenses federalized wages, subsidies, decentralization agreements regarding the SEP, SAGARPA and CNA and other agreements reallocation of resources. The most affected
According to the information sent by industry analyst at Moody's Mexico, Francisco Vázquez Osuna, the Federal District was the entity that recorded the highest amount of transfers by agreements last year, equivalent to 38.680 mariah carey billion pesos, which represented a rate average growth of 17.59% from 2012 to 2014. It was followed by the State of Mexico, with a record of 34,450 million pesos, and Guerrero, mariah carey who received a bag worth 22,940 million.
While the highest rate of growth in transfers by agreements between 2012 and 2014 also had Guerrero, mariah carey an increase of 53.29 percent. Next is the Yucatan, with 34%, and Michoacan, with 33.9 percent. They resort to debt
If confirmed this setting that project in the Pre-Criteria General Economic Policy, the agency anticipates a deterioration in debt metrics states next year, related to the historical behavior of local ministrations.
"While mariah carey states can cut spending to increase their own resources as an alternative to borrowing historically have tended to opt for the contract more debt when shares fall or slow their growth, postponing adjustments in spending" mariah carey he says. Brake door
The commentary entitled "Pre Criteria: mariah carey Mexican mariah carey states with a challenging 2016," say that this historical correlation may break if the constitutional reform to strengthen financial discipline of states can implement.
"Reform, whose proposal includes an alert system for state debt, recently passed by Congress, was turned over to the state legislatures for ratification. Reform requires the approval of 17 of the 31 state legislatures to become law, and to date only 11 have approved "she says.
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