THE WHITE HOUSE
Office of the Press Secretary
STATEMENT BY THE PRESIDENT
This morning I received a call from Mexican President Ernesto Zedillo. I am pleased to announce that he informed me that Mexico is ready to repay $700 million of the U.S. financial assistance we provided earlier this year to address Mexico's financial crisis. This news is another important step on the road to financial recovery for Mexico, and I am very pleased that this repayment comes sooner than expected. I congratulated President Zedillo on his resolve to implement the tough measures needed to restore economic stability and growth.
Last winter, an imminent financial collapse of Mexico threatened the economic and national security of the United States. At my direction, the United States took action to form an international coalition to provide Mexico sufficient funds to refinance its debts. It is critically important that Mexico remain a stable neighbor, continuing to grow as a market for our exports and to cooperate with us on a broad range of issues of mutual concern.
Today's decision sends a positive signal to the financial markets that the tough financial measures Mexico has undertaken are succeeding, and the American taxpayer is being repaid ahead of schedule.
I look forward to meeting with President Zedillo next week when he visits Washington on his first state visit, and discussing the broad range of issues affecting our two countries.