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MEXICO CITY, March 31 (Reuters) - Mexico's finance ministry on Tuesday said it expects it will need to cut spending next year by 4.3 percent amid a recent slump in global oil prices.
The government plans to cut the 2016 budget by 135 billon pesos ($8.9 billion) from the 2015 budget as it foresaw an average price for Mexican crude of $55 per barrel, well below the price it has hedged oil at for this year.
According to a document posted on the finance ministry website, the government expects economic growth to come in at a range of 3.3-4.3 percent in 2016 after a predicted range of 3.2-4.2 percent in 2015. ($1 = 15.2628 Mexican pesos) (Reporting by Michael O'Boyle)