The federal government will face, in 2023, the highest cost of public debt in the last 27 years.
The Ministry of Finance and Public Credit (SHCP) announced that, to honor this financial commitment, they will need to allocate one trillion 79 billion pesos next year.
The amount that will have to be disbursed by 2023 is equivalent to 3.4% of the Gross Domestic Product (GDP), an amount not seen since 1996, when it then represented 3.5%.
Compared to this year, which is still ongoing, the jump is greater, since according to the dependency in charge of Rogelio Ramírez de la O, the figure constitutes 2.7%.
To have a dimension of what the weight of this item means, the trillion 79 billion pesos that must be charged to the financial cost serve to finance 7.5 times what it is planned to spend this year on the construction of the Mayan Train (143 thousand 073 million pesos) or 3.2 times the star program of Andrés Manuel López Obrador: Pension for Older Adults (335 thousand 499 million).
From another perspective, the total amount to settle the financial obligation represents 13% of the total budget proposed by this federal administration for spending in 2023.
a heavy load
The financial cost of the public debt includes, in addition to the commitments and liabilities of the federal government, the amounts that must be settled for the support programs for bank savers and debtors, as well as the charges of Pemex and CFE.
“It is estimated that the financial cost of the budgetary public debt for 2023 will represent 3.4% of GDP, higher than the percentage observed in the amount approved for 2022. In real terms, this level is 29.9% higher than the amount of resources approved in 2022”, Treasury detailed in the Statement of Motives of the Economic Package that it presented on September 8 to the Congress of the Union.
The secretariat explained that the level of interest rates, the exchange rate, the stock of existing debt, the expected growth of the economy and the new indebtedness that is contracted during the next year were the factors that triggered the item.
Of the total of one trillion 79 billion pesos that are required to pay the financial cost of the debt, 183 thousand 927 million are from the State productive companies (Pemex and CFE), while the remaining 895 thousand 160 million are from the government. federal, which include internal and external debt and support for savers.