Statement on the Economic Situation in Mexico

I have spoken with President Zedillo and conveyed our continued support for Mexico.

The Mexican President has outlined a comprehensive economic program, which has won the support of the International Monetary Fund.

We have a strong interest in prosperity and stability in Mexico. It is in America's economic and strategic interest that Mexico succeeds.

We are in close touch with the Mexican authorities. I have instructed the Treasury, working closely with the Federal Reserve, to continue to take appropriate steps to help Mexico get through these short-term financial pressures and build on the strong foundation for economic growth created in recent years.

If appropriate, I am prepared to authorize the extension of the maturity of our existing credit facility and to increase those commitments to assist Mexico in meeting its short-term financial obligations.

I am calling on the international financial institutions to work quickly to put in place a substantial lending program to support Mexico's economic program.