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MEXICO – The chairman of the Committee on Budgets in Mexico's Chamber of Deputies said lawmakers planned to include tax changes in next year's budget to give Pemex more control over their finances.
Alfonso Ramírez, a member of Morena's party of elected President Andrés Manuel López Obrador, who holds with his allies a majority of both houses of Congress, said in an interview Tuesday that the new government was seeking to strengthen the company.
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"This could eventually lead us to change their tax regime and give greater autonomy to the operation," said Ramirez, adding that the government had to stop relying on the oil company's income.
Pemex's directors have long complained that their heavy tax burden has prevented them from investing enough to stop a 14-year decline in crude oil production.
"We can not advance everything we want in the first year, in 2019, but we will continue on this path," he said.
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Ramírez said the legislators were waiting to see the draft budget of López Obrador's economic team, but that they were considering a budget surplus of between 0.5% and 0.9% of gross domestic product ( GDP).
The economic transition team of the future president, who will take office on 1 December, said at the end of October that the budget would indicate a primary surplus of 0.8% of GDP.
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"In the ranges of 0.5 and 0.9%, we are giving an adequate signal to international markets that financial discipline and fiscal discipline are guaranteed," said Ramirez.
He added that even if the numbers were not final, the Mexican economy could grow between 2.5 and 3% next year.
"We are with a change in the exchange rate around 19 pesos, a little adjusted, and we are also aware that the price of a barrel of oil can be set slightly above 50 dollars," he said.
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