Press Releases 08
U.S. Federal Reserve and International Monetary Fund support
other nations, including Mexico, to ease international crisis
Statement by Ambassador Antonio O. Garza
Mexico City, October 30, 2008 - “Both the Federal Reserve
and the International Monetary Fund (IMF) have made positive
decisions to help countries with solid economies face the
current international financial crisis.
“Yesterday, October 29, 2008, the Federal Reserve established
special arrangements to make available funds of up to $30
billion each to Mexico, Brazil, Korea and Singapore, if needed,
in order to help them meet their economies’ requirements for
liquidity, at those countries’ discretion. This measure demonstrates
U.S. confidence that Mexico’s economic fundamentals are sound,
and our commitment to work with Mexico to mitigate the negative
effects of the current international crisis.
“In addition, the IMF has just approved a new type of loan
to countries severely affected by the crisis. The loans, which
are short-term, would not have the traditional conditions
attached that the IMF normally requires of recipients.
“As U.S. Secretary of the Treasury Henry Paulson has stated,
‘The Federal Reserve and IMF actions show international resolve
to support strong performing emerging market economies adversely
impacted by the current financial market turbulence. This
concrete action also demonstrates international cooperation
as we move toward the Finance Ministers/Central Bank Governors
meeting next month in Sao Paulo, Brazil, and the Leaders Summit
to be held on November 15 in Washington D.C.’ ”
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