Mexico's Military Splurged on Planes, Trains and Horses in 2023 [BNN Bloomberg (Canada)]
Lockheed Martin Corporation (LMT)
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Source: BNN Bloomberg
The Defense Ministry — which includes the army and air force — was approved to spend 112 billion pesos, or roughly $6.6 billion, in 2023, according to the recently released public budget. It ended up spending 144 billion pesos, or 29% more. The Navy, a separate ministry, spent 57.5 billion pesos, or 37% more than its initial budget of 42 billion pesos. Much of the extra spending was used for President Andres Manuel Lopez Obrador's pet projects, such as the Maya Train and the state-owned airline he created, Mexicana. AMLO, as the president is known, has used the country's armed forces to build infrastructure that he views as his legacy. To do that, he's increased the military's budget by 150% since he took office in 2018. Read More: Mexico's Murders Top 170,000 as AMLO Directs Military Elsewhere But the military also spent beyond those disbursements. The budget for the Maya Train, which runs through the Yucatan Peninsula, was originally placed under Fonatur, a government tourism
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