Mexico public debt and fiscal management

In October 2026, Mexico’s Secretariat of Finance and Public Credit (SHCP) executed a debt refinancing operation of 238,153 million pesos. This operation, the sixth local market move of the year, aimed to improve market liquidity and extend the average maturity of refinanced debt by 2.9 years. During this period, the SHCP also reported a 1.8% annual decrease in federal participations for the January to August period, marking the first decline for this timeframe in six years.

By the end of September 2026, Mexico's public debt rose 4.5% year-on-year to reach 52.6% of the country's GDP. While the nominal debt amount increased, the proportion relative to GDP remained consistent with late 2025 levels. Finance Secretary Edgar Amador stated that debt is primarily contracted in pesos with long-term, fixed interest rates to mitigate currency and refinancing risks.

Despite rising debt, real spending on interest and financial costs fell by 3.7% between January and September, supported by a stronger peso and debt substitution operations. However, public revenues saw a 2.8% real contraction, with oil revenues specifically declining by 21.5% due to a high comparison base from 2025 government contributions to Pemex.