New finance minister Jose Antonio Meade said the budget foresaw planned spending cuts of 239.7 billion pesos ($12.83 billion), targeting a primary surplus of 0.4% of gross domestic product (GDP) in 2017. It would be the first such surplus since 2008.
Of the cuts, 100 billion pesos fall on Pemex, which is already facing a funding squeeze and has racked up multi-billion dollar losses for years.
