[Weekly Compilation of Presidential Documents Volume 31, Number 5 (Monday, February 6, 1995)]
[Page 155]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement With Congressional Leaders on Financial Assistance to Mexico

January 31, 1995

    We agree that, in order to ensure orderly exchange arrangements and 
a stable system of exchange rates, the United States should immediately 
use the Exchange Stabilization Fund (ESF) to provide appropriate 
financial assistance for Mexico. We further agree that under Title 31 of 
the United States Code, Section 5302, the President has full authority 
to provide this assistance. Because the situation in Mexico raises 
unique and emergency circumstances, the required assistance to be 
extended will be available for a period of more than 6 months in any 12-
month period.
    The United States will impose strict conditions on the assistance it 
provides with the goal of ensuring that this package imposes no cost on 
U.S. taxpayers. We are pleased that other nations have agreed to 
increase their support. Specifically, the International Monetary Fund 
today agreed to increase its participation by $10 billion for a total of 
$17.8 billion. In addition, central banks of a number of industrial 
countries through the Bank for International Settlements have increased 
their participation by $5 billion for a total of $10 billion.
    We must act now in order to protect American jobs, prevent an 
increased flow of illegal immigrants across our borders, ensure 
stability in this hemisphere, and encourage reform in emerging markets 
around the world.
    This is an important undertaking, and we believe that the risks of 
inaction vastly exceed any risks associated with this action. We fully 
support this effort, and we will work to ensure that its purposes are 
met.
    We have agreed to act today.

Note: The statement was announced jointly with Newt Gingrich, Speaker of 
the House of Representatives; Bob Dole, Senate majority leader; Thomas 
Daschle, Senate minority leader; Richard Armey, House majority leader; 
and Richard Gephardt, House minority leader.