Mexico to cut spending 4.3% in 2016 as oil slump bites

MEXICO CITY: Mexico’s Finance Ministry said it expects to cut government spending next year by 4.3% as revenue slumps because of a plunge in oil prices and flagging crude production.

The government plans to trim the 2016 budget by 135 billion pesos (US$8.9bil) from the spending level planned in 2015, according to a statement from the ministry.