MEXICO CITY (AP) " Mexico's government will cut public spending by more than $1.6 billion (31.7 billion pesos) in response to the economic uncertainty unleashed by Britain's vote to exit the European Union.
Treasury Secretary Luis Videgaray said at a news conference Friday that the year's second cut to government spending is being made to reduce the public sector's financing demands.
Videgaray also sought to assure Mexicans that the government has covered all of its financing needs for the remainder of the year. He said that means volatility in international financial markets will not affect the country's financing needs.
He said the government still plans to have a budget surplus in 2017 for the first time since 2008.
The state-owned oil company known as Pemex announced a $5.5 billion budget cut in February.