Mexico plans to cut spending next year in order to meet its zero deficit target as manufacturing exports slowed and lower oil prices weighed on revenue. After slashing 2016 spending by 132 billion pesos ($7.6 billion), Mexico estimates a 175 billion-peso reduction in outlays next year compared to this year’s budget, the Finance Ministry said in a report to congress. Latin America’s second-largest economy will grow 2.6 percent to 3.6 percent next year, down from the 3.5 percent to 4.5 percent range forecast in a September budget report , according to the document that lays out initial parameters for next year’s budget. The measures come a day after Moody’s Investors Service cut state-owned Petroleos Mexicanos’ credit rating to the cusp of junk and reduced Mexico’s outlook to negative amid subdued growth and the possibility Pemex will need financial help from the government. Economic growth this year is expected to […]