Mexico's Ministry of Finance has presented its 2023 budget proposal to Congress. While some macroeconomic assumptions seem optimistic, the budget is overall consistent with our view that the government will maintain stable public finances over the next few years. That said, short-term fiscal stability may eventually be challenged by rising spending commitments and low growth. * The government's commitment to maintain a tight fiscal position, Banxico's prudent monetary stance, and the high interest rate diff

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Mexico's Ministry of Finance has presented its 2023 budget proposal to Congress. While some macroeconomic assumptions seem optimistic, the budget is overall consistent with our view that the government will maintain stable public finances over the next few years. That said, short-term fiscal stability may eventually be challenged by rising spending commitments and low growth. * The government's commitment to maintain a tight fiscal position, Banxico's prudent monetary stance, and the high interest rate diff