Mexico signs loan deal
NZPA-Reuter W'ashington
Mexico signed a letter to the International Monetary Fund yesterday outlining cuts in Government deficits and other economic reforms it will make in return for a fund loan of SUSI. 6 billion ($2.97 billion). The I.M.F. programme, which incorporates what may become a precedentsetting link to oil prices, was also expected to pave the way for loans of between SUSS-7 billion ($9.3-13.02 billion) from commercial banks, a Mexican official said. Executives of the com-
mercial banks will begin with Mexican in New York to-
day. “We hope the programme will form the basis for a return to economic growth in Mexico,” the I.M.Fs managing director, Mr Jacques de Larosiere, said.
Indeed, the letter envisages growth of between 3 and 4 per cent next year, compared with a contraction of up to 5 per cent this year.
The main elements of the programme include a Mexican undertaking to cut its Budget deficit, which adjusted for inflation is equal to 6 per cent of national output, in half in 1987.
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Press, 24 July 1986, Page 11
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174Mexico signs loan deal Press, 24 July 1986, Page 11
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