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Mr. Giuliani’s attorney said that money comes “mainly” from the Sept. 11 charity, the Stephen Siller Tunnel to Towers Foundation.

“In fact, last year we finished with a budget deficit of 3.4% of GDP, the highest since 1989,” said Gabriela Siller, the director of analysis at Nuevo Leon-based Banco Base.

López Obrador’s debt mountain, while less dramatic, is “a way of setting the political agenda for the next administration, a way of placing his imprint on the next administration,” said Siller, the analysis chief at Banco Base.

“It’s an election year, so all these reform initiatives can be seen as something to get people to vote for Morena,” said Gabriela Siller, the director of analysis at Nuevo Leon-based Banco Base.

But Mexican authorities need to spend more to guarantee power and water supply for industry and provide companies with a stable policy environment to encourage investment, Siller said.