Mexico City, Ramadan 19, 1437, June 24, 2016, SPA -- Mexico will make sweeping budget cuts of 1.6 billion dollars in the wake of Britain's decision to leave the European Union, dpa quoted the finance minister as saying Friday. The second largest economy in Latin America was preparing for its second budget cut of 2016, set at 31.7 billion pesos, finance minister Luis Videgaray said. The minister said the savings will strengthen Mexico's macro-economic position in the aftermath of the Brexit. Mexico isn't expecting severe direct consequences from the British vote. Mexico's trade with Great Britain accounts for only 0.7 percent of its overall trade. However, the country wants to prepare for any instability in the financial markets, Videgaray said. Mexico continues to struggle with major exchange rate fluctuations. -- SPA 22:18 LOCAL TIME 19:18 GMT www.spa.gov.sa/w