News Brief: IMF Welcomes New Mexican Economic Measures
March 10, 1995
IMF Welcomes New Mexican Economic Measures
Stanley Fischer, the Acting Managing Director of the IMF, made the following statement on Mexico:
"Last evening, the Secretary of Finance of Mexico, Mr. Guillermo Ortiz, announced a package of economic measures aimed at strengthening the program. The package includes substantial increases in prices charged by public enterprises, a rise in the value-added tax rate, and expenditure reductions. These measures will yield 1 1/2 percent of GDP and will allow the public sector to remain in surplus in 1995 despite adverse economic developments. In addition, there will be a further reduction in lending by the development banks. The authorities have reaffirmed the monetary objectives of the program, and measures are being taken to strengthen the banking system.
"The management of the IMF welcomes the substantive measures
adopted by the Mexican authorities to strengthen their economic
program. This program is being supported by an IMF stand-by
arrangement in the amount of SDR 12.1 billion, currently equivalent to
about US$18.6 billion, which was approved on February 1, 1995. Over
the past week, an IMF mission has been in Mexico City to discuss with
the Mexican authorities the need for a strengthening of the Mexican
economic program in light of recent developments. The IMF staff will
continue to work with the Mexican authorities to ensure that policies
will remain appropriate for the attainment of the program's economic
objectives."
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs | Media Relations | |||
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E-mail: | publicaffairs@imf.org | E-mail: | media@imf.org | |
Fax: | 202-623-6278 | Phone: | 202-623-7100 |