[Weekly Compilation of Presidential Documents Volume 31, Number 2 (Monday, January 16, 1995)]
[Pages 48-49]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the Economic Situation in Mexico

January 11, 1995

    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 commit- 

[[Page 49]]

ments 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.