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Mexico to Reconsider Draft 2016 Budget Amid Falling Oil Prices

© AP Photo / Andres KudackiMexico's President Enrique Pena Nieto
Mexico's President Enrique Pena Nieto - Sputnik International
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Mexican President announced a complete overhaul of the 2016 draft budget proposals.

MEXICO CITY (Sputnik) – Mexican President Enrique Pena Nieto has announced a complete overhaul of the 2016 draft budget proposals amid a global fall in oil prices.

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Speaking at a banking forum in Acapulco on Friday, Pena Nieto said that the draft budget for next year will be built from scratch, stressing that profound alterations will be made, instead of minor changes, which had been Mexico's usual practice for over ten years.

The Mexican president also said that changes in the country's government structure will also take place amid budgetary policy reforms.

Since last June, global oil prices fell by about 50 percent due to market oversupply and large crude oil stockpiles. Current prices stand at around $45 per barrel.

Earlier this month, Mexico's Energy Secretary Pedro Joaquin Coldwell told journalists that the country's government expects international oil prices to stabilize at around $70-100 per barrel by 2018.

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