Background on the Mexican Government’s Financial Proposal
In its 2026 Economic Package, the Mexican federal government has proposed that the country’s public debt surpass 20 trillion pesos for the following year. This translates to each Mexican citizen carrying a debt of 151,000 pesos.
Understanding the Debt Proposal
Mexico Evalúa, an organization, highlighted that this proposed debt does not imply increased spending on healthcare, education, or security. Instead, the additional funds will primarily be used to pay off past debt interests and support Pemex.
Government Spending vs. Income
For the upcoming year, the Secretary of Finance plans for total net government spending to reach 10.1 trillion pesos, while the budgeted income amounts to only 8.7 trillion pesos.
This results in a public debt, or Requerimientos Financieros del Sector Público (RFSP), of 4.1% of the Gross Domestic Product (GDP). This is a decrease from the 5.7% GDP deficit in 2024.
Debt Ceiling Requests
Under President Claudia Sheinbaum’s administration, the government requested a domestic debt ceiling of up to 1.78 trillion pesos from the Union Congress. Additionally, an external debt ceiling of 15,500 million dollars was sought.
As a result, the Historical Aggregate of Requerimientos Financieros del Sector Público (SHRFSP), or the total debt, would exceed 20 trillion pesos and account for 52.3% of the national GDP.
Clarifying Public Debt
Ricardo Cantú, the director of debt and income at the Center for Economic Research and Budgeting (CIEP), previously explained that SHRFSP represents the accumulated debt over time by all public sector entities, including the federal government, Pemex, and development banks.
“This more accurately reflects the financial situation of the entire public sector. It’s the summation of all debt contracted over time that we all share responsibility for paying,” said the CIEP specialist.
Key Questions and Answers
- What is the proposed public debt for Mexico in 2026? The Mexican federal government has proposed that the country’s public debt surpass 20 trillion pesos for the following year.
- How does this debt impact each Mexican citizen? Each Mexican citizen would carry a debt of 151,000 pesos.
- Will this debt lead to increased spending on essential services? No, Mexico Evalúa states that the additional funds will primarily be used to pay off past debt interests and support Pemex, not increase spending on healthcare, education, or security.
- What is the planned difference between government spending and income for 2026? The Secretary of Finance plans for total net government spending to reach 10.1 trillion pesos, while the budgeted income amounts to only 8.7 trillion pesos.
- What does the public debt (RFSP) represent? RFSP represents 4.1% of the Gross Domestic Product (GDP) for 2026, a decrease from the 5.7% GDP deficit in 2024.
- What is the total debt, or SHRFSP, and how is it calculated? SHRFSP is the comprehensive debt accumulated over time by all public sector entities, including the federal government, Pemex, and development banks. It reflects the financial situation of the entire public sector.
