!

This'report is restricted to use within the Bank.

No. E-236

RESTRICTED

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

THE EXTERNAL PUBLIC DEBT OF MEXICO

Economic Department

Prepared by: lames 1. Lynch Reviewed by: Carel deBeaufort

August 18, 1952

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I. II.

III.

Table of Contents

Current External Debt External Service Payments Pledges

1 3 4

Table A-I: External Public Debt of Mexico Table A-2: Estimated Contractual Interest and Amortization

Payments on the External Public Debt of Mexico

A-3 : History of the External Borrowing of Mexico A. Origin of the Debt 1 B. Recent Settlements 1 c. The Current Debt Outstanding 4

A-4: Assumptions as to the Disbursement of Undisbursed Portion of Export-Import Bank Loans as of June 30, 1951

A-4a: Assmnptions as to the Disbursement of Undisbursed Portion of Export-Import Bank: and IBRD Loans as of June 30, 1952.

A-5: Export-Import Bank of Vvashington Statement of Loans and Authorized Credits - Mexico

(Trus report was prepared by James J. Lynch, checked by Andrew C. Huang and reviewed by Carel deBeaufort)

TEE EXTERNAL :?UBLIC DDT OF MEXICO

I • Current External Debt 1I

1. As of June 30, 1951 the total external Government debt of Mexico­direct and guaranteed - was estimated at $506.2 million, of which $196~8 million was still undisbursed and $309.4 million·was.outstanding. Since J'tme 30 t 1951, Ivlexioo has assumed ne~T debts of $38.7 million consis ti~ of (1) $9 million loan for purchase of the Southern. Pacifio Railwayts Branch in I-lexico and (2) :rnRD loan of $29.7 million for electrio power development. (Amortization payments to date partly offset these increases.)

2. Practically $11 this debt is payable in U.S. dollars and may be summarized as follows~

a) Export-Import Bank loans ~..mounting to $2)4.1 million of whioh $160 million was undisbursed on Deoember 31, 1951 and by I"t.me:JO, ~~.5.2. $127.2 m~'lion remained. Part of this unutiliz~d amount,:p.30 million, bas been lCaneel1ed.

b) IEID loans amounting to $60.1 million, mostly in dollars, of whioh $23.3 million was outstanding an~ ~36.8 million undisbursed with the follOWing small amounts in other currencies: Canadian dollars -Us$26~ooo; Swiss francs - US$265,OOO; Italian lire - US$99,000; French francs -U5$20,000; Belgian francs - US$7,OOO.

c) ?ri<mte bank loans amountin~ to ;';21.5 million of \'lr,;.ch loans from the Bank of America account for $1605 million; Chase National Bank $1.7 million; First National Bank of Chioago $2 million; the IvIercantile Commerce Bank and Trust Company of st. Louis $709,000; and the Republic National Bank ~)f Da.llas $608,000.

d) Loans from private companies amounting to $).6 million. of '~Thich a loan from \'lestinghouse Electric International aocounts for $3.3 million, and International General Electric $361,000.

e) The remainin~ debts are mainly related to the settlement of the old external debt and of claims conneoted with the nationalization of the railroads and the oil industry, agrarian reform and the like. They consist of: (1) dollar bonds totalling. !~)88.4 million.3./, (ii) :386.5 million) the unpaid portion of the ~lo-Dutch oil settlement ori~inally amounting to ~130 million; (iii) $11.5 million, the unpaid portion of the Mexican and American B..I;rarian claims "rhich "Jere ori~inally settled at $19 million; ( i v) $400. 000 owed to the t·iexi can Pe trol eum Asphal t Company, a.nd ( v) $20,000 for unpaid Italian claiIYls, on which pa.yment was suspended beca.use of \'Tc:rld "lar II.

Listed on the followin?, pa~e are the total amounts in each cate­gory~ For details of the loans making up these totals, see Tables A-l and A-2.

See Ap';)endL"'5C A-3 for summary of history of the exterllc'"tl borro"'lin~ of Mexico. and I:BRD Economic Department Report "Mey.i,oo I s External Public Debt. Zconomic and Financial Causes of Debt and Debt Adjustment Plnns" dated J~uary 27. 1950. Partly held in Mexico, see Table .A.-I, Pages 6 and 7.

-2-

Summary of External Public Bebt of Mexico

National Government and Guaranteed Debt

(Ill thousands of dollars)

.b01IDED DEBT Total Government bonds under

1942 Agreement Total interest obligations

Total Railway bonds under 1946 Agreement

Total interest obligations

Total bonded debt .•••• , . . ..

Am01.ttlt of issue as in 1942 and 1946 Agreements

Old par value New par converted to (redemption U.S. dollars value)

230,6}2 278,885 509.517

236,580 324,422 S61,072

1,070,589

47,553 2,007

49,560

48,064 2,445

,)0.509 100,069

Debt out­standin~ June 30-

1951, lJe~l par value

43,429

4).429

44.989

44,982 88,418

Debt outstandiD9 June 30. 1951 In currency Expressed in of payment U.S. dollars

Total PRIVATE BA1iX loans • • • • • • • • • • • • • • • • • • • Tot~ loans from PRIVATE COMPAnlES • • • • • • • • • • • • • • Total OIL. AGR£ffiIAN AIID OTHER SETTLEMENTS. • • • • • • • ~II SCELLAl'l""EOUS

I.Iexicall Embassy :Sul1ding in Buenos Aires •• Arg$ 167 IBRD LOANS

Nacional ~inanciera. S.A. and Comision Federal de Electricidad ~, 1949-1973 ... US$23,881

Consortium of eight Mexican Ban..'L:s and ~acional Financiera, S.A. 3~, 1950-various maturities ...... .

r·lexican Light and Po,,,er Company, Ltd. I.l£.t '"f"27~, 1950-1975 • • .. • .. . • •

CEt.n$ 19 Sw 'i'!: 864

• US$lO,OOO

~ • .. US$25 • 561 Can$ 269 Lit61,672

S\',r fr 275 fr 7,000

Bir 346

To tal IBRD loans • • • .. • . . . .. . . • .. . . EXPORT-liiPORT BiUi1{ LOANS

Uacional Financiera, S.A. 3~t 1i% and ~~, various maturities .............. 05$234,052

. . .

~OTAL FtIBLIC D1[i3T ••••••• ~ ........................................... .

21,495 3,625

98,413

57

23,881 18

201 24,100

10,000

25,561 249 99 64 20 7

26,000 60,100

234.052

506,160 ~: Debt contracted since June JO, 1951: Naclonal Financiera ~.

January 11, 1952.77, US$29,700; and'Bonds of Southern Pacific Railroad of Mexioo 3~1, 1951-67. US$9.000.

-3-

II. ~xternal Service Payments

3· In view of the then sizable amount of the unutilized Export-Import Bank funds (US$157.2 million as of December 31, 1951) certain estimates 't'fere made by the Mexican officials and the Export-Import Bank concerning the rtJe (see A-4 for details) at which these unused funds will be dra"lll down. Estimated service payments are based on these assumptions, conse­quently any material deviation from the assumed rate will cha~e the size of service ~'ayments in certain years. Ba.sed on the present debt authorized and outstanding plus the assumed rate of utilization, estimated total ser­vice payments ~or 1952 amount to the equivalent of US$50.2 million, of which $16.2 million is interest and $34.1 million is amortization. Total payments move downward to US$47.7 million in 1953 and remain around that level (except for a peak of US$So.6 million in 1954) through 1956. In 1957 they decline to US$43.7 million and in 1958 to US$39.7 million, gradually reaching US$35 million by 1963, ~dth a sharp reduction to US$21 milliom in 1964. Service payments continue at around US$20.L~ million in 1965, drop to US~18.4 million in 1966, to US$15.2 million by 1968 and are reduced by aprroximately a third in 1969 when they are esti~~ted to amount to ~S$lO.S million, gradually declinine to US$lO.2 million by 1973- They then ~radu­ally drop to US$8.5 million by 1974, to US$3.8 million in 1975 and to US$2.2 million in 1976.

4. The sharp reduction to US$21 million in 1964 is a delayed re­flection of the end of 'the oil and the a~rarian payments. The final pa.y­ment of US$8.7 million will be made in 1962. But, according to present schedules, the amortization of government dollar bonds at the rate of US$l million a year (new par) leaves a payment on these bonds of US$lO.9 million in 1963. The Nexican Government may be able to avoid meetin~ a cash pay_ ment of such propor tiona in 1963 by &cquirin~ sufficient bonds to retire the entire amount before 1963. In that case the 1963 service payments will be nearer the 1964 level than the estimate of US$JS million.

5. Listed on the following pa~e is the debt and interest and amorti­zation schedule. For complete details see Table A-2.

!I In July, 1952, a revision of estimates pertaining to drawi .. ng dO\'Jll of 1.Ulutilized funds was made by IBRD based on the amounts uttu.tilized as of June 30. 1952, en both the ~~ort-Import Bank and IBRD loans. These revisions are not reflected in the service payments as sho~m here and in Table A-2. For details see A-~

- 4-

Estimated Interest and Amortization Payments on the External Public Debt of Mexico

(In thousands 0f U.S. dollars)

T 0 tal Deb t Service payments

~ Debt out- PaZE!ents during :I.~ar b~ tl12e of currencl standing Amort1- In- Total U.S. Canadian Swiss Italian January 1 zation terest dollars dollars francs lire

1952 476,383]J 34,069 16,208 50,277 50,202 lK) 31 4 1953 461,662 30,581 17,118 47,699 47.58; 63 48 S 1954 431,081 34,982 15,599 50,581 .50,456 67 51 7 1955 396,099 33,017 14,879 47,896 47,771 67 51 7 1956.36),085 33~S87 13,705 47,292 47,168 66 .51 7 1957 329,498 31,199 12,483 43,682 43,.558 66 51 7 1958 298,299 28.379 11,346 39,72.5 39.602 66 50 7 1959 269.919 28,178 10,333 38.511 38.388 66 50 7 1960 241,741 28,)61 9,314 37 ~ 675 37,553 65 .50 7 1961 213.381 27,052 8,310 35,362 35,2lKl 65 ,50 7 1·962 186,328 27,158 7.331 34,489 34,;67 65 50 7 1963 159,J71 29,289 5,717 35,006 34,884 65 50 7 1964 129,884 16.015 4,9.56 20,971 20,850 65 49 7 1965 113.867 15,984 4,369 20,353 20,233 54 49 7 1966 97,883 14,6.52 ),780 18,432 18,312 64 49 7 1967 8),231 1),155 3,265 16,420 16,3°0 64 49 7 1968 70,077 12,431 2.777 15.214 15,096 63 48 7 1969 57,640 8,077 2,430 10,507 10,389 63 48 7 1970 49.563 8,307 2,082 10.389 10,271 63 48 7 1971 41,253 8.578 1,726 10,304 10,188 62 48 7 1972 32,674 8,883 1,353 10,236 10,120 62 47 7 1973 23,791 9,202 912 10,174 10,059 61 47 7 1974 14,588 7,890 589 8,479 8,434 21 17 7 1975 6,697 3,585 238 3.823 3,802 10 8 3 1976 3.111 2,051 117 2,168 2,168 -!I These amounts are as of June )0, 1951. They are excl~sive of ~~29. 7

million Eximbank loans cancelled subsequently.

III. Pledges

6. The Agreements concluded in 1942 and 1946 for the adjustment of the old p~blic external debt provide that in the event of the failure of Mexico to make the required payments, all former rights of assented bond­holders shall revive. These rights ir.clude, in the case of part 0-£ the old direct debt assignments of revenues and in the case of the old National Railways debt, mortgages \o}'hich have been preserved by IV:exico.

Table A-I: EXTERl'JAL PUBLIC DEBT OF MEXICO

National Government and Guaranteed Debt

(In thousands) Page _1

Amount of issue as in 1942 and Debt outstanding Debt contracted since 1946 agreements June 30, 19.51 June 30, 1951

ion Old :gar value New Old Ne,,, In Expressed In Converted par currency in

original to U. S •. (redemption par par of U.S.

currencies dollars 1/ value) value value payment dollars

tTeemen t ?J $ 58,915 58,915 £ 30,094 142,935 M$ 139,594 28,782

$47,553 $210,632 Ir 1942 agreement 230,632 $43,429 • 11;::1 ••••• II •

Inds} 1l •••••••

(188,092) (38,782) (168 J 092) (34 f 658)

terest - Class A and E $ 77,675 77,675 f 1,189 4,792 c....

M$ 55,294 11,401 157 93,868

••••••• iterest, 1923-1942

$ 147,149 147,149 £ 3,355 13,521 M$ 118,083 24.347

~~ilg~? 1,850 278,885 2,007 . . . . . .. ........ ....... • ••••••

~erest obligations 509,517 49,560 210,632 43.429

~ 1~at1

Id~ntifice"tion

. . :BONDED DEBT Government bonds under 1942 atTeement y

Dollar bonds Sterline bonds Peso bonds Total government bonds under 1942 agreem4

(Excluding enemy-owned bonds}:if

Obligations representing interest - Clas~ Dollars Sterling Pesos Total

Obligations representing interest, 192)-] Dollars Sterling Pesos Total

Total interest obligations

Total government bonds and interest obligatl under 1942 agreement

See footnotes at end of table • .. a- ... 0 ••

Table A-I: EXT.ERNP~ PUBLIC DEBT OF ~mXICO - Continued National Government and Guaranteed Debt

(In thousands)

In

'eement !J:./

146 agreement

ds) fd interest - Class A and]

~terest. 1923-1942

~est obligations under

Ie Railroacl of ~Iexico

Amount of issue as in 1942 and 1946 agreements

Old par value New In Converted par

original to U. D .• , I (redemption currencies dollars 1; value)

$ 211,415 £ 5,,384 RM 8,669

$ 82,1,31 £ 2,59.3

$ 205,348 .D c." 6,.591

211,4,15 21,697 3,468 t! J

2.36, .580 ::u ....... ....... . (218,460)

82,131 10,4.51 92,582

•••••••

205,348 26,.562

fJ!I~}2

3241492 ••••••• •••••••

561.072

1,070,589

:48,064 • •••••• • •••••• (44,328)

126

2,319

2,445 • •••••• • ••••••

50,509

100,069

Page 2 Debt outstanding June 30. 1951

Old

Debt contracted since __ Jun_e3(),19S1

In Ne,,, par

value

currency par of

value payment

EXpressed in

U.S. dollars

221,667

(203,547)

221,667

432,299

,.44,989

(41,2.53)

44,989

~8,418

$ 9,000 9,000 -9,000 9,000 -

~------------------------------------------------------------~------------,-----------

Table A-l: National

Identification

Rail\'lay bonds under 1946 agreement !:±/ Dollar -bonds Sterling bonds Reichsmarka sJ

Total railway bonds under 1946 agreement

(Excluding ene~ owned bonds) ~

Obligations representing interest - Class A Dollars Sterling Total

Obligations representing interest I 1923-1942; Dollars Sterling Total

Total interest obligations

Total rai1vfay bonds and interest obligations u 1946 agreement

Bonds of the Southern Pacific Railroad of Mexi 3 1/2%. 1951-1967 11

Total bonded debt

See footnotes at end of table.

Table A-l: EXTERRAL PW3LIC DEBT OF lVr:cXICO - Continued

National Government and Guaranteed Debt

ation

~49-1951

952 b49-1952 ~/2%, 1950-1953

5%,. 1950-1952 ~s 5%, 1950-1953 st Co •• st. Louis 5%, 1950-1953

ional Co. 3%, 1948-1959 3%, 1947-1953

es

~NT5

~aims 1962

~tt1ements

juenos Aires

-.

(In thousands)

Debt outstanding June ,30 I 1951

In currency of payment

$ $ $

} $ $

$. $

l $ Lit

Arg$

1,000 15,000

206 305

1,667 2,000

608 709

3,264 361

400 11,.500 86,493

172

167

Expressed in U.S. dollars

1,000 15,000

206 305

1,667 2,000

608 709

21,495

3,264 361

3,625 -

400 11,500 86,493

20

98,413

57

Pa~e 1 Debt contracted ~ June 30, 1951

In currency Expressed in of paYID~nt U.S. dollars

'-.

Identification

PRIVATTI BAl~{ LOANS Bank of America loans, .

Carretera Transistmica 5%, 1949-1951 Highway loan 5%, 1950-1954 Nacional Financiera §/ 1949-1952 Banco de Comercio. S.A. §J 1949-1952

Chase National Bank of N.Y. 3 1/2%, 1950-19 First National Dank of Chicago 5%. 1950-195: Republic National Bank of Dallas 5%, 1950-1( Mercentile Commerce BalU~ & Trust Co •• St. L

Total private bank loans 21 LO.Al~S FROM PRIVATE COMPANIES

Westinghouse Electric International Co. 3%, Ir..ternational General Electric J%, 1947-l95~

Total loans from private companies

OIL, AGRARIAn AND OTHER SETT1EMEN~S Mexico Petroleum AS1Jhalt Co. Me~ican _ American agrarian claims Anglo - Dutch oil settlement, 1962 :talian claims !Q/

Total oil, agrarian and other settlements

MISCELLANEOUS Mexican Embassy Euilding in Buenos Aires

See footnotes at end of table.

2'-'able .A-l: EXTERNAL PUBLIC DEBT OF MEXICO - ~ntinued

National Government and Guaranteed Debt

~ation

Comision Federal de Electricidad

and Nacional Finan(· '3re. S.A., ritles III

a. 4 1/2%. 1950-1975 11)

Comision Federal de E1ectricidad n.977 ill

V2%, 4 and 4 1/2%, various

(In thousands)

Debt outstanding ________ J_un_e.JQt.1951

In currency Expressed in of payment U.S, dollars

$ 23,881 ~ Can$ 19 ~ Sw fr 864 ~

$ 10.000 !11 $ 25,.,561 !E:J Can$ 269 1~1. Lit 61,672 ~ Sw fr 275 ~ fr 7.000 ID J3fr 346 1!±1

/

$ 234,052 111

23.881 18

201 24,lOtJ

10,.000

25,561 249 99 64 20

"c, 7 26,000

60,100

234,052 ill

506,160 5 !

.:P?~ 4 De bt contracted

since Junf3 30. 1951 In currency Expressed in of .payment U,S. dollars

$ 29.700 ill 29,700

29,700

38,700 YJl • f

Identification

I.B.R.D. ,LOANS Naciona1 Financiers, S.A. and Comision Feder~

4 1/2%. 1949-1973 111

Consortium of 8 Mexican Batiks and Nacional Fj 3 1/2%,'1950 ~ various maturities !!I"

Mexican Light & Power 00 •• Ltd. 4 1/2%. 1950-

Nacional Financ1eJ!a, B.A. and Comision Federa 4 1/2%. January 11, 1952 - 1977 1~1

Total l.B.R.D. loans

EXPORT' IMPORT 13Alij{ LOANS lfJ" Nacional Financiera. S.A. .3 1/2%, 4 and 4 1/2-

maturities uJ

Total public debt

See footnotes on page ,.

Table_&:-l: EXTEIUQAL ?UJ3LIC DEBT OF ME~CICO - Continued l;ational Government and Guaranteed Debt

(In thousands) page 2-

Debt outstanding June 30, 1951 Debt contracted since June 30, 1951

In currency Expressed in % In currency Expressed in % of payment U.S. dollars of payment U.S. dollars

still outstanding t 308,649 308,649 60.98 $ 9,000 9,000 23.26 19611 776 196,776 381'88 $ 29,700 29,700 76~74 Can$ 288 267 .05 S," fr Itl~ 265 .04 Lit 61,8 119 .02 Arg$ 167 57 .01 fr 7,000 20 Bfr 346 7

506,160 100.Q~ 38,700 100.00

ivalents of I.B.R.D. loans in currencies, other than U.Sz dollars, are fixed by agreement with the Bank. ivalent of the Ita.lian claims and of the obligation on the lwlexican Embassy Building in :Buenos Aires are hed by the Mexican Government.

cified in the debt adjustment Dlans a.s follows: a' ... l = $4.03; $1 = 4.85 pesos.

~ent made a debt settlement offer to the holders of a list of 15 bonds. These bonds included obligations , the City of Mexico, various states, and the Tehuantepec National Rail''1ay. The bonds '-Jere denominated , pounds sterling and Mexican pesos. For the purposes of the debt settlement original par values of the t 80% to the amount sho\'1n in the column hea~ed "Nett pa.r (redemlJtion value)" and all bonds t'fere made payable t payments were reduced by bet",een 76 to 89io for the different classes of debt i.e. secured, unsecured and ~sulting in an average interest rate on new par value of 40 014%. For pu~poses of retirement the bonds tegories as follows: secured debt, unsecured debt, a.nd internal and state debt. The agreement provides t ,,,il1 purchase or othert1ise acquire for cancellation at least $5,000,000 face amount of old par value

[

d that all Secured Debt will be retired Drior to January I, 1963. The government also agrees that it ed Debt und Internal and State Debt included in the plan before January 1, 1968. All ~ayments under

date according to contract. Interest obligations which had formerly been issued for defaulted small fraction of their value, as indicated above.

Summary by currencies U.S. dollars - disbursed and still outstandin~

- undisbursed Canadian dollars 6\'1is s francs Italian lira Argentine pesos French francs :Belgian francs

Total

Exchange ratesa The dollar equivalents of I.B.R The dollar equivalent of the Itc figures furnished by the lviexicaI

11 Converted at the rates specified in the debi

gj In 1942 the Mexican Government made a debt s of the national government, the City of Mexj originally in U.S. dollars, pounds sterling bonds \'Iere reduced by about 80% to the amour in U.S. dollars. Interest payments were re internal and state debt, resulting in an aVE were divided into three categories as follo~ that the Mexican Govermnent ,,,111 purchase 01

each of the Secured Debt and that all Secure will redeem all the Unsecured Debt and Intel this plan have been made to date according interest ''1ere settled for a small fraction c

Table A-l: JJ}~T:iJ:UTAL PU:BLIC DEBT OF f\.L.;XICO - Continued National Government and Guaranteed Debt

Page 6 p-igible to participate in the plan. The follo\"ing fig,ul'es have been received from the Mexican Government pibution of bonds assented to the agreement:

ocation exico e\', York ondon

ota1 assented

ota1 (excl. enemy-owned)

neD\Y-o\"ned

bonds

onds amortized 1948-1951 ount outstanding

Old uar value $ 62~02J,lJO

26,700,576 31,226,955 47,737,726 5~996tlJO 4,735,524 4,210,816

18216Jo.8~Z 5,461,395

188,092,252

~2,.5391722

230,6,31,974

20,000,236 210,631,738

Percent 26.89 11.58 1).54 20.70 2.60 2.04 1.83

72_1.8. 2.37

81.55

18.4.5

100.00

8.67 91.33

~nt made a debt settlement offer to the holders of a list of 1,3 railw~ bond issues. These bonds were S. dollars, pounds sterling and Reichsmarks. They are now all payable in U.S. dollars under the plan. rs under this plrul kno\'ln as Plan A and Plan D. Plan A called for reduction of principal similar to nment bonds D.nd reduction of interest resulting in an averaGo rtlte' of 4.3S?f on nOH per vnlue. A sill1:ing the Plan A bonds by 1975. The sirucing fund accumulates at the rate of 4.35% p.a. based Gn new par value.

~n that it does not provide for any interest payments but rather provides for increasing redemption values ~ will retire the bonds by 1975. For this purpose tho bonds are divided in Classes A, B, C and D, each e of redemption values which rise from $217.10, $215.40, $214.40 and $214.30 per $1,000 of old par value and D respective~ to $1,000 for all classes in 1974. An annuity of $2,948,460 p.a. is provided for the

I1d Plan B bonds. plan lias delayed and did not go into operation until 1950. ~ou1d be made in equal instalments in the years 1950-1953.

It was amended to provide that the payment All payments have been made according to contract

','

1/ Enemy-owned bonds are not eligible to partie as to the geographical distribution of bonds

Location Mexico Ne\'! York London Paris Amsterdam Brussels 8\'Ii tzerland

Total assented Non-assented

Total (excl. ene~

Ene~-o\'ined

Total bonds

Bonds amortized l(

Amount outstandin~

~ In 1946 the Mexican Government made a debt SE

original~ denominated in U.S. dollars, pound There \'1ere two se:;}arate offers under this !J1B the 1942 agreement for government bonds and ] fund was provided to retire the Plan A bonds Plan :s differs from Plan A in that it does no over a period of years '"hich \'1i11 retire the class having its O\m. schedule of redemption v, in 1946 for Classes A, ~t C and D respective~ retirement of both Plan A and Plan 13 bonds. The rail\'Jay debt adjustment ulan \'Ias delayed due in the years 191~6-l949 \"'~uld be made in el to date.

Table A-I: EXTIJRl~AL ?UBLIC DEBT OF I,illJXICO - Continued

National Government e~d Guaranteed Debt

follo\'/ing items:

ico 6% Secured Gold Notes Series C dated June i, 1914 ico 6% Secured Notes, 2-year, due June 1, 1915

Bro. 252,508 Rm. 8,416,938

RID. 8,669.446

Page 7

ret ically payable. However, they \'Iere considered valueless by the Supreme Court of Nev' York at the time lan was put through. The bonds are held partly in Germany and partly in Mexico. count, the amounts outstanding at the time of the plan were as follows:

Total bonds Reichsmarks bonds

Old par value

$236,580,163 3.467.778

Net., par value

$ 48,064,409 o

Total bonds under plan 233,112,385 48,064,409 Enemy o\·med bonds 18,120.149 3,736,000

Net $214,992,236 !l $ 44.328,409 tual1y equivalent to the $218,460,000 sho\m above in the table since the Reichsmarlt bonds are valueless.

eligible to participate in the plan. The following figures have been received from the Mexican Govern-1 distribution of bonds assented to the agreement,

Old 'Oar value Per cent $ 72,382,587 30.60

24.555,178 10.38 70,266,237 29.70 10,826•918

9,8 0,356 ~:f~ 1,005,178 0.42

nd 6.403.887 2.71 ented 195. 29°1 341 82~55 ted 21. 162. 6Z2 9.79 eluding enemy-o\'lned) 218.460.014 92.14 ed 18.120. 142 7.66 de 2)6.580,163 100.00

.....

j} This debt consists of the following itemsl National Railways of Mexico 6% Secured Gc Na tional Railways of Mexico 6% Sec'ured He

These bonds are still theoretically payablE .' ! that the debt ao,:~1.stment plan was put throt

Taking these bonds into account, the amount

Total bonds Reichsmarks bone

To tal bonds undE Enemy o\·med bone

Net ~/ This amount is actually equivalen1

Bj Enemy-owned bonds are not eligible to partj ment as to the geographical distribution 01

Location Mexico New York London Paris .Amsterdam Brussels S\IT1 tzerland Total assented Non-assented To tal (e::;:c1 uding enemy-ottn Ene Il\Y-01rmed Total bonds

rtized

3.0.57,753 11.85.5.480

.utstanding

bonds

~ted ed

Table A-I: EXT.aRHAL PUTILIC DEBT OF tl]D:ICO - Continued l~ational Government and Guaranteed Debt

·----------------______________ P~~e 8

Old par value Per cent

$ 14.913,23.3 6.30

221,666,930 93.70

58,827,973 136, l~62,.368 23,169~673 18,120,lLJ-9

236,.580,163

hern Pacific Railroad in Mexico were purchased by the Mexican Government in the latter half of 1951 for ~t $3, 000, 000 l'laS paid in cash and $9,000,000 in bonds. The bonds \I/ere given to Southern Pacific to be e bonds may be sold in Mexico.

erica loans to l'iJ'acional Financiera and the Banco de Comercio \1fere loaned to the Mexican Government for e. The loan to Banco de Comercio is gllal'an.teed by liiacional Financiera •

• 950,000 to Comission Federal de Electricidad by the Chemi(~a1 ]a.n!e & Trust Co.; interest 4 1/2%, commission instalments in 1952; guaranteed by Nacional Fin~~iera.. This loa.n has been exclu~ed 'becnUSf;) it is expected rter by loans already authorized by Export-Import Bany;: and sho\'m else't..rhere in the table.

'.~ of 1'1or1d 11ar II.

fovernment.

December 31, 1951 \'1as as fol1ov,s:

and still outstanding

1~1ars ~ dollars ranes

~d

In currency of payment

$ Can$ S\1 fr

12,5.39,511 651,998

1,898,018

r June 30, 1951 was $11,931,390.

Expressed in U.S. dollars

12,539,.511 . 592,726

441,6,56 13,573,893 10.526,107 Y

$ 24, laO, 000

2J - Continued

Bonds amortized Plan A 3.057.753 Plan 13 11 11 855.480 Bonds outstanding

Assented bonds Plan A Plan :a

Non-assented EneIl\Vs.»owned Total

2/ The properties of the Southern Pacific RaiJ $12,000, 000. Of this amount $.3, 00<>; 000 \'Ias placed abroad. None of the bonds may be so

§J The proceeds of ~ank of America loans to l the Ferrocarril del Sureste. The loan to]

21 There is also a loan of $1~950,OOO to Cornis 1/4%: repayable in 5 equal instalments in 1 that it will be refunded later by loans aIr

W Payments suspended because of lforld ,v·· r II. !!/ Guaranteed by the Mexican Gov~rnment. !gj The status of this loan on December 31, 195

Disbursed and still outsta U.S, dollars Canadian dollars S\11 s s francs

Undisbursed ftl Total !!J The undisbursed balance as of June 30, 1951 W~

p.:y

Table A-l: EXTERNAL PUBLIC DEl3T GF l·rcXICO - Continued National Government and Gua.ranteed Debt

Page 9 This loan \"las com~)lete1y undisbursed as of June 30, 1951. disbursed.

As of December 31, 1951 $31,935 (all repayable in dollars) had been

~ As of December 31, 1951 the status of this loan was as follows:

~

1-,

Disbursed and still outstanding u.s, dollars Canadian dollars Swi ss francs Italian lira French francs Belgian francs

Undisbursed Total

In currency of i)B.Y~

$ 16,445,157 Can$ 317,104 Sw fr 1,012,892 Lit 61,962,500 fr 7,000.000 :afr 345,750

~ The undisbursed balance as of June 30. 1951 was $14.876,366. Completely undisbursed.

Expressed in U.S. dollars

16.445.157 292,698 2.35,69.3 99,140 20,02.3 6,915

l7,099,626 8,900,374 ~

26,000,000

There are also the following Export-Import Baruc loans to private companies in MexicOI June 30-, 1951 December 31._1951

Fred Leighton, Inc. Cia. Fund1dora de F.y.A. de Monterrey, S.A. Me~rican Gulf Sulphur Co. and lvlexican

Sulphur Co. Cia. Minera Fernandez, S.A.

Disbursed and still Un-

outstanding disbursed

$ 76,998 437.500

$ J,002

1,875,000

Disbursed and still

outstanding

$ 78,.495 .337,500

85,000

Un­disbursed

$ 1,505

1,875.000 26.5,000

Table A-l: EXTERI\jAL PUBLIC DEBT OF r.rillXICO - Continued National Government and Guaranteed Debt

,} / Fo1lot'ling is the breakdown between loans outstanding and undisbursed:

June 30, 1951 Disb\l.lrsed and still outstanding Undisbursed Total

December 31, 1951 Disbursed and still outstanding Undi sbursed Total

$" 74,08),042 159.969,066 234,052,108

~_lO

$ 68,089,098 157,199,786 225,288,884

~ It is assumed t~~t the Mexican Goverlment will not utilize part o~ the undisbursed portion of the Export-Import Bank loans equivalent to the $29,700,000 I.B.R.D. loan authorized in January 1952.

IBRD - Statistics February 4, 1952

Table A-2,: ESTlrlATb"l}) CONTRACTUAL Il'IT::3REST MID Al'10RTlZATION PAYMhiNTS ON THE EXTERl'JAIJ PtJ.BLIC DEBT OF M::JXICO

(Expressed in thousands of U.S. dollars) Page 1

Government bonds gjder 1942 Railway bonds under iJ946 Total bonds under 1942 and agreement 2 agreement y '1 1246 a~eements

Year Debt out- Pa:lments durin~ :lear Debt out- Pa.'lm£nts durin~ -s:.ear Debt out- Pa~ments during lear standing Amort i- In- Total

standing Amort i- In- Total standing Amorti- In- Total

Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest

1952 43,429 11 1,031 1.827 2,858 44,989 ]J 2,078 3,819 5,897 88,418 11 3,109 5,646 8,.755 1953 42,399 1,031 1,771 2,802 42,328 2,263 3,634 .5,897 84,727 3,294 5,40,5 8,699 1954 41,368 1,031 1,716 2,747 40,065 1,206 1,743 2,948 81,433 2.237 3,459 5,696 1955 40,337 1,031 1,660 2,691 38,859 1,258 1,690 2.948 79,196 2,289 3,350 5,639 1956 39,306 1,031 1.604 2,635 37,601 1,31,3 1,636 2,948 76,907 2,344 3,240 5,584 1957 38,275 1,031 1,549 2,580 36,288 1,370 1,578 2,948 74,563 2,401 3.127 5,528 1958 37,244 1,031 1,493 2,524 34,918 1,430 1.519 2,948 72,162 2,461 3,012 5,473 1959 36,213 1,031 1,437 2,468 33,488 1,492 1, L~57 2,948 69,701 2,.523 2,894 5,417 1960 35,182 1,031 1,381 2,412 31,996 1,557 1,392 2,948 67,178 2,588 2,773 5,.361 1961 34,1.51 1,031 1,326 2,357 30 ,439 1,624 1,321+ 2,948 64,590 2,655 2,650 5,30,5 1962 33,120 It 031 1,270 2,301 28,815 1,695 1,253 2,948 61,93.5 2,726 2,523 5,249 1963 32,089 10,944 587 11,531 27,120 1,769 1,180 2,948 59.209 12,713 1,767 1/+.480 1964 21,145 4,229 470 4,699 25.351 . 1,846 1,103 2,948 46,496 6,075 1,573 ?,648 1965 16,916 4,229 3.52 4,581 23~505 1,926 1,.022 2,948 40.421 6,155 1,374 7,529 1966 12.687 4,229 235 4,464 21,579 2,010 939 2,948 34,.266 6,239 1, 17/.} 7,413 1967 8,458 4,229 117 4,346 19.569 2,097 851 2,948 28,027 6,326 968 7,294 1968 4,229 4,229 4,229 17,472 2~189 760 2,948 21.701 6,418 760 7,178 1969 15,283 2,284 665 2,91.:-8 15, 283 2,284 665 2,948 1970 12,999 2,383 565 2,948 12,999 2,383 .565 2,948 1971 10,616 2,487 462 2,948 10,616 2,I.JS7 462 2,948 1972 8,129 2,595 35L~ 2,948 8,129 2,595 ~t:{ 2,948 1973 5,534 2,708 241 2.948 5,534 2,708 2,948 1974 2,826 2,826 123 2,948 2,826 2,826 123 2,948 1975 1976

See footnotes at end of table.

Table A-2t ESTU·LATED CONTRACTUAL I~lTER8ST .AIm AMORTIZATION PAYMEN'lIS Ol~ THE -JCTEBHAL PUBLIC DEBT OF MEXIOO - Contd.

(Expressed in thousands of U.S. dollars) Page 2

Eonds of Southern Pacific Railroad 1:J. Total bonds Private bank loans

Year Debt out- Pa~ments durin~ lear Debt out- Pa~ments durin~ ;Lear- Debt out- ~a~ments during lear standing Amorti- 111-

Total standing Amorti- In- Total standing Arnorti- In-

Total Jan~ zation terest Jan. 1 _ zation terest Jan. 1 zation terest

1952 11 - 88,,418 11 3,109 5,646 8,755 21,495 11 11,213 673 11.886 .1953 9,000 600 315 915 93,727 3,894 5.720 9,614 8,694 4,944 257 .5,201 1954 8,400 600 294 894 89,833 2,837 ),753 6,590 3,750 3,750 81 3,831 1955 7,800 600 27.3 873 86,996 2,889 3,62.3 6,512 1956 7,200 600 252 852 84,107 2,944 3',492 6,436 1957 6,600 600 231 831 81,163 3,001 3.358 6,359 1958 6,000 600 210 810 78,162 .3,061 3,222 6,283 19.59 5,400 600 189 789 75,101 3,123 3,083 6,206 1960 4,800 600 168 768 71,978 },188 2,941 6,129 1961 4,200 600 147 747 68.790 3t-255 2,797 6,052 1962 3,600 600 126 726 65.535 ),)26 2,64'9 5,975 1963 3,000 600 105 705 62,209 13,313 1,872 15 t 185 1964 2,400 600 84 684 48,896 6,675 1,657 8,332 1965 1,800 600 63 663 42,221 6,755 1,437 8,192 1966 1.200 600 42 642 35,466 6,839 1,216 8,0.55 1967 600 600 21 621 28,627 6,926 989 7,915 1968 21,701 -6.418 760 7,178 1969 15,283 2, 28l~ 665 2,948 1970 12,999 2,38,3 565 2,948 1971 10,616 2,487 462 2,948 1972 8,129 2,595 354 2,948 197~ 5,534 2,708 241 2,948 197 2,826 2,826 123 2,948 1975 1976

See footnotes at end of table.

Table A-2,: ESTIMATED CONTRACTUAL INT!JREST AND ANORTIZATION PAYMillNTS OH T:tm EX~RNAL PUELIC DEBT OF MEXICO - Contd.

(Expressed in thousands of U.S. dollars) _ _.' Pe.§~ __

Loans from private companies Oil, agrarian and other I.B.R.D. loanSQ7 dollar settlements sL 12ortion

Year Debt out- ~arments during ~ear Debt out- Palments during Y.,ear Debt out- Payments during year standing Amort i- In- Total standing Amort i- In- Total standing Amort i- In- Total Jan. 1 zation te;rest Jan. 1 zation terest Jan. 1 zation terest

1952 3,625 11 741 100 841 98,393 !/ 8,977 2~ 1';'34 11,411 59,469 !.I 3,111 Jt111 1953 2,883 490 83 .57.3 80,821 9,165 2,252 11,417 88,138 3,103 3,858 6,961 1954 2,393 435 69 So4 71,6,56 9.159 2,030 11,189 85,036 3,497 3,728 7,22.5 195.5 1 t 958 435 .55 490 62,496 8,359 1,830 10,189 81,539 3,772 3,591 7,363 1956 1,523 435 4"~' 478 .54,137 7,065 1,624 8,689 77,768 L~, 266 3,436 7,702

-' 1957 1,088 4JS 29 464 41,071 7,277 1,412 8,689 73,502 4,565 3,259 7.824 1958 6.53 43.5 16 451 39,794 7,49.5 1,194 8,689 68,937 2,674 3,072 .5,746 1959 218 218 3 221 32,299 71 720 969 8,689 66,263 2,786 2,9.52 5,738 1960 24,579 7,9.52 737 8,689 63.477 2,903 2~824 5,'727 1961 16,627 8,190 499 8,689 60,.574 3,024 2:692 5~716 1962 8,436 8,436 253 8,689 57,550 3,153 2,.555 5,708 196.3 .54,397 3,286 2,La1 5,697 1964 51,111 3,422 2,262 5,684 1965 47,6>'0 3,568 2,106 5,-674 1966 44,121 3,720 1,942 5,662 1967 40,401 3,876 1,776 5,652 1968 36,526 4,040 11 600 5,640 1969 32,48.5 4,210 1,41.5 5,625 1970 28,276 4,387 1,224 5,611 1971 23,889 4,576 1,024 5,600 1972 19,313 4,768 815 5,.583 197.3 14,545 4,971 600 5,571 1974 9.,.574 3,606 390 3,996 1975 5,968 2,857 226 3,083 1976 3,111 2,051 117 2,168

See footnotes at end of table.

Table A-2: ESTIMATED CONTRACTUAL INTEREST AIID A1\fORTlZATION PAYMENTS on TIE: EXT.iJRlJAL PUBLIC DEnT OF MEXIOO _ Contd.

(Expressed in thousands of U.S, dollars) Page 4

I .. :R,R~. loans - Cff'diBXi I.B,n.D. loans -~WiSS I.B.R.D, lO~ - Lira portion dollar portion franc Eortion Year Debt out- ~a~ents durigg ~ear Debt out- Pa~ent s during :lear Debt out- Pa~~nts dL~ing ~ear standing Amort 1- In- Total standing Amorti- In- Total standing Amort i- In- Total Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest

1952 267 JJ 40 40 265 !/ 31 31 99 1./ 4 4 1953 886 24 39 63 678 18 30 48 99 1 4 5 1954 862 28 39 61 659 22 29 51 98 3 4 7 1955 834 30 37 67 638 23 28 51 95 3 4 7 1956 804 31 35 66 61.5 23 28 51 92 3 4 7 1957 774 31 35 66 592 2.5 26 51 89 3 4 7 19SG 742 33 33 66 568 25 25 .50 86 3 1} 7 1959 709 J4 32 66 542 26 24 50 82 3 4 7 1960 67.5 36 29 65 516 28 22 SO 79 4 J 7 1961 639 37 28 65 489 28 22 50 75 1} .3 7 1962 602 39 26 65 461 29 21 .50 72 4 J 7 19~ 564 40 2~ 65 432 31 19 50 68 L~ 3 7 .... ' 19 524 42 23 65 401 31 18 49 64 ll· .3 7 196.5 482 43 21 64 370 33 16 49 .59 4 .3 7 1966 ~o 45 19 6l} 337 34 15 49 55 5 2 7 1967 395 47 17 64 303 36 13 49 50 5 2 '7 1968 348 48 15 63 267 36 12 48 45 5 2 7 1969 301 50 13 63 231 38 10 48 40 5 2 '7 1970 251 52 11 63 193 39 9 48 J!.1. 6 1 7 1971 198 53 9 62 153 41 7 48 29 6 1 7 1972 145 56 6 62 III ~ 4 47 23 6 1 7 1973 88 58 :3 61 6? 3 47 17 6 1 '7 1974 .30 20 1 21 24 16 1 17 10 7 7 1975 10 10 - 10 8 8 8 3 .3 :3 1976 - -See footnotes at end of table.

Table A-2: ESTIlvIATED CONTRACTUAL INTEREST AIID AMORTIZATION P AYl.{ENTS ON THe EXT: lUJAL PUBLIC DEBT OF ME~~ICO - Oontd.

(Expressed in thousands of U.S. dollars) Page 5

Total I.B.R.D. loans 2/ Erport-Import Bank loans 21 Total dollar debt

Year Debt out- ~aments durin~ ~ear Debt out- falments durin~ lear Debt out- ~§J_nts during lear standing Amorti- In- Total

standing Amorti- In- Total standing Amol'ti- In- Total Jan. 1 zation terest Jan. 1 zatlon terest Jan. 1 zation terest

1952 60,100 V 3,186 3,186 204,352 !/ 10,029 4,,169 14,198 475,752!l 34.069 16,133 50,202 1953 89,800 3,145 3,932 7,077 185,736 8,942 4,875 13,817 459.999 30,538 17,045 47,.583 1954 86,655 ),549 3!t B01 7,350 176,794 15,251 .5,866 21,117 429,462 34,929 1.5,527 50,456 1955 83,106 3,827 3,661 7,488 161,543 17.506 5,711 23,217 394,532 32 t 961 14,810 47.771 1956 79,279 4,323 3,.503 7,825 144,039 18,820 5,043 23,863 361,574 33,530 13,638 47,168 1951 74,956 4.624 3,324 7,948 12.5,2'?.9 15,862 4,360 20,222 328,043 31,140 12,418 43,558 1958 70,332 2,735 3,1;4 5,869 109,357 11+,653 3,780 18,433 296,90) 28,318 11,284 39,602 1959 67.597 2,850 ;,011 5,861 94,705 14,268 3,266 17,534 268,586 28,115 10,273 38,388 1960 64,747 2,969 2,880 5,849 80,437 14,250 2,758 ~.7, 008 240,471 28,293 9.260 37,553 1961 61,778 3,093 2,745 5,838 66,186 12.514 2,269 14,783 212,177 26,983 8,257 35,240 1962 58,685 3,225 2.605 5.830 53,672 12.171 1,824 13,995 185,193 27,086 7,281 34,364 19~ 55,460 3,360 2.458 5,818 41,501 12,615 1.387 14,002 158.107 29,214 5,670 3l /., 88 19 52,100 3,499 2,306 5,805 28,886 5,841 993 6,834 128,893 15 v?38 4,912 20,850 1965 48.601 3,649 2.146 5,795 23,045 5,581 786 6,367 112,9.56 15,904 4.329 20.233 1966 44,.952 3,803 1.980 5,783 17,464 4,009 586 4,.595 97,051 14.568 3,744 18,312 1967 41,149 3.962 1.809 5,711 13,455 2,265 468 2,733 82,483 13,067 3,233 16,300 1968 37,187 4,131 1,628 5,759 11,190 1,890 388 2.278 69,417 12.348 2,748 15,096 1969 .33,056 4.303 1,440 5,743 9,300 1,490 325 1,81,5 57,068 7,984 2,405 10,389 1970 28,753 4,484 1.244 5,728 7.810 1,41J.O 272 1,712 49.085 8,210 2,061 10,271 1971 24,269 4,677 1,040 5,717 6,368 1,415 223 1,638 40,873 8,479 1,709 10,188 1972 19,592 4,873 826 5,699 4.953 1,415 173 1,588 32,395 8,778 I, 3L~2 10,120 1973 14,719 5,080 606 5,686 3.538 1,415 124 1,539 23,617 9,094 965 10.059 1974 9,639 3.649 392 4.041 2,123 1,415 74 1,489 14i 523 7,847 .587 8,4Jl~ 1975 5.990 2,879 227 ),106 707 707 12 719 6,675 3, 56~· 238 3,802 1976 3,111 2,051 117 2,169 3,111 2,0.51 117 2,168

See footnotes at end of table.

Table A-2Z ESTII"IAT~D COHTRACTUAL INTEREST AND A1-10RTIZATIOl\f PAYM:tiUTS ON TEL EX'rr.rRJ.\TAL PUJ3LIC DEBT OF MEXICO _ Contd.

(Expressed in,thousands of U.S. dollars) Page 6

Total debt il~ Service ;ua.lments b:l currencies sJ 21 flJ Debt out- ~a:lments durin~ ~ear

Year standing Amort i- In- U.S. Canadian S,..,iS8 Italian .!all J zat10n terest Total dollars dollars francs lira

1952 1~76,383 !/ 34,069 16,208 50,277 50,202 40 31 4 1953 461,662 30.581 17,118 47,699 47,583 63 48 5 1954 431,081 34,982 15,599 50,581 50,456 67 51 7 1955 396,099 33,017 14,879 47,896 47.771 67 51 7 1956 363,085 33.587 13,705 47,292 47,168 66 51 7 1957 329,498 31,199 12,483 4.3,682 43.558 66 51 7 1958 298,299 28,379 11,)46 39,725 39,602 66 50 7 1959 269,919 28,178 10,.333 38,511 38,388 66 50 7 1960 241,741 28,361 9,314 37,675 37,553 65 50 7 1961 213.381 27,052 8.310 35,~2 35,240 65 50 7 1962 186,328 27,158 7,331 :34 •. 9 34,367 65 50 7 1963 159,171 29,289 5,717 35.006 34,884 65 50 7 1964 129,884 16,015 4,956 20.971 20,850 65 49 7 196.5 113,867 15,984 4.369 20,353 20,233 64 49 7 1966 97,883 14,652 3,780 18,432 18,312 64 49 7 1967 83,231 13,155 3,265 16,420 16,300 64 49 7 1968 70,077 12,437 2,777 15,214 15,096 63 48 7 1969 57,640 8.077 2,430 10.507 10,389 63 48 7 1970 49.563 8,307 2,082 10,389 10,271 63 48 7 1971 41,253 8,578 1, '726 10,304 10,188 62 48 7 1972 32,674 8,883 1,353 10,2,36 10,120 62 L~7 7 1973 23,791 9,202 972 10,174 10,059 61 47 7 1974 14.588 7,890 .589 8,479 8,43L~ 21 17 7 1975 6,697 ),585 2,38 3,823 3.802 10 8 3 1976 3,111 2,051 II? 2.168 2,168

See footnotes on page 7.

Table .A,-2a ESTIMATED C01JTRACTUAL INTEREST AND AMORTIZATION PAYM}JNTS ON THE EXTERlTAL PUBLIC DEBT OF f.1EXICO - Contd.

_Paze 7

!/ These amounts are as of June 30, 1951. For this reason the 1952 amortizations subtracted from these amotUlts will not produce the 1953 amounts outstanding since repayments and new authorizations in the 2nd six months of 1951 wer.e also taken into account.

~ This schedule was SUbmitted by the Mexican Government and shows that bonds will be retired at par. Actually bonds will probably be bought in the open market at prices below par, in \~hich case retirement may be effected much earlier.

jJ This schedule assumes that all bonds are Plan A. In any case, the cost of Plan A or Plan B is the same. See Notes 2 and 4 on Table A-l.

!:!/ No detailed information is available on the amortization schedule on these bonrls. The schedule sho\'1n above is an estimate based on fragmentary information from various sources.

sf Excludes Italian claims in an amount equivalent to $20,000.

~ The breakdown of I.B.R.D. loans into various currency groups merely represents the situation as it was at the time this table was made. TIle categories, other than dollars represent amounts disbursed and re­payable in those currencies as of December 31, 1951. The dollar category represents runounts disbursed and repayable in dollars and also amounts p~able in Belgian francs ($6,915) and French francs ($20,023) which are too small to be shown separately, plus the undisbursed portion of the loans. Actually this undisbursed portion may be disbursed and repayable in a variety of currencies. HO\'lever, it ''las thought best since the loans are expressed in dollars in the aGreements, to classify them a.s dollars \-,hile still undisbursed.

11 Of the undisbursed portion of EX!;ort-Import Ban];.: loans, $29,700,000 is excluded, since it is understood that Mexico does not expect to utilize this amount.

~ Excludes obligation on the Mexican Embassy Building in Buenos Aires in an amount equivalent to $57,000.

IBRD - Statistics Section March 13. 1952

HISTORY OF THE EXTFRNAL BORROl'lING 01 lli!EDO:CO

A. Origin of the Debt

External foreign borrowing by the Mexican Government began in le24 and was followed by a series of defaults and adjustments which continued until 1886. steps taken by President Diaz to restore the country's credit paved the 'tolay for the period of heaviest borro'toJ'ing from priTate foreIgn sources, lasting from 1886 to 191). (In 1911, President Dlaz's regime was over­tbro~m in a revolution which brought financial ruin to Mexico.) The entire debt went into default in 1914 and remained so until the early 1940's, with the exception of short intervals during which payme~ts were made. Service bas now been resumed on various defaulted obligations and on settlements regarding nationalized properties and other claims.

Total foreign bonds issued between 1824 and 1947 are estimated at the equivalent of about US$l billion. This estimate considerably overstates the net capital inflow into Mexico from foreign loans, since many issues represented conversions and refundin~ operations on loans that were floated between 1~24 and 191), when the issues totalled US$375.2 million, £91 million and French francs 280.3 million.

External borrowing in the ~940's had as its main objectives currency stabilization and do~estic economic development, The loans were princi­pally inter-governmental and the chief sources 1rTere the United States Treasury Stabilization Fund, the 3xport-Im~ort Bank, the International Monetary Fund and the International Bank for Reconstruction and Development. During this period adjustments and payments were made on almost all cJaims against the Mexican Government arisin~ from expropriation of the oil in­dustr.1. agrarian properties and railroads. and on property damage attributed to the revulution.

B. Recent Settlements

1. Claims

The fo11ovrin.g claims were adjusted: 1) Special claims of U.S. and certain other nationals attributable

to the revolution of 1910-1920 (Conven'tion of April 24, 1934). 2) General claims of U.S. nationals ori~inatin~ from the claims

convention of June 4, 1868 (Convention of November 19, 1941 -. see).)

,3) ~rarian claims of U.8. na tiona.ls ,,·,ho ,.,ere dive sted of land under the Ae;rarian F'ro.grDlIl of the revolution. By the COnVP..n'tiQl

of November 19, 1941, Mexico a~reed to pay the U.S. the gum of $40 million in full settlement of both these a~rarian claims and the general claims (see 2).

4) Petroleum claims, arisin~ out of the exnropriatlon of the pro­:gerties of forei~-o\'med- oil companies in Ma.rch 1938. In 1940. the l-Iexican Gc,vernment settled "ri th the Sinclair Oil interests for $8.500,000. A settlement with the other U.S. oil cOIDp!Ulies follo1r,ed in 1942, the compensation beinp; fi~::ed at :';23,99.5.991

-2-

plus interest at J% from March 18, 1938. In an agreement con­cluded on Au~st 29, 1941 with the Mexican Eagle Oil Company, Ltd., in which the British and Hetherla.nds oil interests a.re represented, the compensation was set at $81,250,000 plus in­terest at 1J, from l·Iarch 18, 1938.

2. External Bonded Debt

In February 1919 an international committee. named the International Committee of Bankers f)n Mexico, was established to represent holders of defaulted Mexican securities. In 1922 this Committee, under the Chairman­ship of Mr. T.W. Lamont of J.P. Morgan and Company, reached an a~reement with the Mexican Government ~ Indebtedness amountin~ t~ about $500 million principal and ~200 million accru~ interest. In 1923. however. the financial situation of Mexico deteriorated rapidly, with the result that the debt agreement was suspended by Presidential Decree of June JO, 1924. Budgetary improvement in 1925 led to new negotiations which ended in an amended agreement signed on October 23. 1925. This included the f~llowing modifications of the 1922 accord:

1) The unpaid annuities for 1924 and 1925 would be deferred. 2) The Government was no longer responsible for obligation.s of the

National Rail~m.ys except for loans it had guaranteed. The ra.il­ways ''1ould remit each month their entire net earnlng~ to the International Committee.

J) The oil export duties, previously assi~ed to the services of both the direct debt and t~e railtora.y' debt, were now allotted to the former alone. These taxes were to be supplemented b.Y $5 million a year payable out of the oil production taxes.

Due ~o continued contraction of the 011 industry, the oil export duties proved to be inadequate for the service of the loans. The deficit on serTiee charges was made up in 1926 by the Government, by borrowln~ on a short-term basis from the Irl,ternatlonal Comi ttee and the :Bank of Mexico. ~ 1921 the defici t was aga.~n covered in thi $ way, but the Government fa.iled t9 make ~ood its guarantees on railway bonds. At the end o:f' 1927 the GoTern­ment decided that it ,.,ould be unable to meet service for 19~a. Discussions were started ,.,1th 'the International Committee and pending the conclusion ot a new agreement, the service wa.s aga.in suspended.

The International Co~~ittee sent two experts, Messrs, J.E. sterret and J .S. Davis to Mexlc.o tQ invest~~ata the fiscal and economic position with special reference to Hexlco's ca.pacity to meet her obliga.tions, ~ their report of May 1928, the experts rea.ched the conclusion tha.tthe Treasury had not yet regained that 8~te of solvency \'1hich would e~ble it to meet promptly c~rent expenses and senice che.r~s. It was estimated that the Government would be able ~o apport~on only )0 million pesos to debt purposes. Hor.over, since the funded debt co'ftred by the agreements Of 19~ and 1925 was ca.ly part of the ~·1exican c1ebt. the experts recommended thai a comprehensiTe debt plan should be drawn up, .

Followlng discuss19DS with the In~e~nat19~ Committee, a law was 8Dac'ec). em Januaw 25. 1929 authorlz~ the eQn.e11dat~o~ of the debt $.n~

-3-

a single issue. On Ju.1y 2.58 1929 a new agreement based on this la\'1 was con­cluded be~'leen the Government and the International Co~.~:ttee. The issues comprising the direct government debt were to be converted into a single new 45-year refunding issue; a separate agreement was to be concluded between the bondholders and the railways, \'lhich "18re to be reorganized into a nel'l Mexican Company. Before the ne\-, agreement could be implemented 1~lexico be­came involved in the world depression and a supplementary agreement was si~ned on January 29. 1931 to suspend transfers for two years. ~'11ng to continued adverse conditions the Mexican Congress, which had never ratified the 1929 and 1931 agreements, finally declared them ineffective on January 27, 19,32.

Government Debt Settlement - 1942

After a lapse of ten years, the Intern~tional Committee and the Government resumed negotiations for a n~1 agreement, which was concluded on November 5. 1942. This agreement is still in effect and provides for liqui­dation of direct ~overnment debt only. Bondholders were required to estab­lish by re.~istl"ation that their bonds ''lere non-enemy owned; theY'"were a,bt). ~e­qored 'bo -present -them ~or .st&'lJllp~·4a. -.videnoe of .tJ;CCi3'ptin.t! term-s tjf settle­ment. Payments were to be made either in pesos or dollars, at th~ option of the holder, at the fixed rate ~f 4.85 pesos per u.s. dollar. Assenting bonds \-lere to be retired at the rat-e of one peso per dollar of nominal principal. Redemption of the secured issues was to commence in 1948 and to be completed by January 1, 1963. at least $5 million face amount bein~ re­tired each year. The remaining issues \'Tere to be redeemed by January I, 1968. Accrued arrears of interest from 1923 to 1943 \PTere to be lIquidated for 1% of their face value. For interest arrears prior to 1923, the payment was to be 0.2% or O.l~ according to their class. I·texico "ras to resume pay­ment of current interest in 1943 and to provide for this purpose an annuity not exceeding ten million pesos.

National Railways Settlement - 1946

The plan fOr readjustment of the railway debt ~ms outlined in the July 2.5, 1930 agreement ""hich never came into effect. In 1937 the railroads were expropriated by the Government. Negotiations for the ~ettlement of the debt started in 1942, but no agreement ,~s reached until February 20, 1946. The settlement made at that time is now in effect. Bondholders are offered a choice between flPlan An and ;.t'Plan Bn; aJ.I payments under both plans are to be made either in dollars or in pesos at the fixed rate of $1 for each 4.85 ,esos.

Plan A provides for redemption at the rate of one peso per dollar. of nominal principal. On reduced principal, interest is to be paid at 4.35%. The bonds are to be retired over a period of 29 years by a sinkin~ fund of 1.78% of the modified principal amount. Plan B provides for a larger sink­ing fund without interest payments. This sinlcing fund will permit redemption of the bonds on a slid1n~ scale risin~ Over a period of 29 years from some­what over 21 cents per dollar of principal to par. Arrears of interest on ra,1l",a.y obligations '-Tere settled on the same terms as arrears of interest on government debt.

- 4-

c. The Current Debt Outstanding

The present external debt of Mexico is made up of three major segments: 1) the debts arising from the nationalization of oil and railroad uroperties anti 'the settlement of other claims; 2) the loans made to Mexico dating from the early 1940's to the present time by ~1mbarik and the International Bank, and .3) loans from pr1vate banks and cor;)orations. The individual se.t;Illents of these three categories of debts are discussed in detail below.

1. Nationalization Debts

~e results of various settlements (see B) were'

a) National debts consisting of dollar, sterling and peso bonds, equivale~t in the original par . value to ~230.6 million, \'lere settled for about 2070 of the old par value at a n~'l par established at $47.6 million. Amortization of this debt since the time (1942) the program was put into operation has reduced the principal to a current ,~43.4 million. Obligations amounting to $278.9 million, representing mainly unpaid interest due since the default in 1914 through the early forties, were settled for :~2 million.

b) A group representing dollar, ster11n~ and reichsmarks investment in the railroads with a total original par value converted into U.S. dollars equivalent to $2)6.6 million, were settled for the equivalent of $48.1 million. Amortization since the program was put into effect as of Januar,r 1, 1950, has now reduced the debt to $45 million. Interest in arrears amounting to $324.5 million was settled for $2.4 million.

The settlements of both these bonds and the national debts in (a) ,~ere similar in that they reduced the par amounts by about 80~'6 and made only token payments on the back interest. Taking both settlements into con­siders. tion a billion dolla.rs \'lorth of bonds and back interest "rere settled for the equivalent of ~~lOO million. Dua to amortiza. t10n payments this amount has no\-, been reduced to $88.4 million. Since these tl,'TO debt adjust­ment pl::.ns ''lere put into operation, interest and amortization payments ha'I'~! been met accordin~ to the debt agreements.

c) payments in settlement of the claims of U.S. oil companies were completed in 1947. Settlement of the expropriated Anglo-Dutch oil proper­ties involved a total paymen~' of $130 million, to be pa,id in annual install­ments of $8.7 million. Payr.1ents have been made consistently on this debt and at the present time it has been reduced to ~86.5 million.

d) ~11.5 millioll is still due under the so-called United states Claims Settlement of l-Tovember 19, 1941. The agreement fixed Hexico 1 $ tota\l liabili ty at $40 million of \'Thich :V3 mi:i,lion had been paid prior to the convention, $; million l-m,S paid on ratification and the remainder \<1as to b'B paid in 13 annual installments.

2. Loans since 1940 from Government and Interna~ional Or~an1;at!ons

Since 1941 a. n~1 phase of internationa.l financi~ has taken place in Mexico consisti~ mostly of loans from ~overnment and international organi­za tiona as f ollo\Ols ~

-5-

a) The Export-Import Bank has carried the major portion of the new financin~ with loans authorized since 1941 amounting to $282.2 million, of which ~4.9 million were cancelled or have expired; $115.5 million have been dra.wn down (of which $lK>.9 million have been repai.d). leaving $161.8 mill.ion 1.mutilized a.s of the present time. This unutilizEld fund has been earmarked for various economic development programs and will be drawn do~m by 1953 cr 1954. Listed in A-5 are the individual loans.

b) T\,10 loans from the International Bank for Reconstruction and Development totalling $34.1 million were appro~d in January 1949 for Nacional Financiera and the Federal Electricity Commission, an a~ency of the Mexican Government. The p~oceeds of one loan, ~24.1 million, are be~ used to finance the purchasa by \'Ihe Commission of materials and equipment neces­sary for the cO~91etlon of ae~eral projects in its 1947-1952 construction program. Proceeds from the 0 ther loan amounting to ~lO million ,-rere loaned on a short-term basis to the Mexican Light and ?ower Company, a private company, to finance part of the cost of its expansion program. This loan was refunded in April 1950 and increased to .~26 million. A third loan l-ra.S authorized in October 1950, amounting to $10 million, to a consortium of eight private Mexican banks and Nacional Financiera. to be used for financial assistance to small enterprises. A fourth loan of $29.7 million by lEaD to Me~ico for electric power development was made in January 1952. The funds from this loan will be used to finance imports of equipment and materi.9.1s needed to carry out seven major projects in the 1952-55 construction program of Mexico's Federal :t;lectrieity Commission.

3. Loans from Private Banks and Corporations

a) Total private bank loans outstanding as of June JO, 1951, amount to $21.5 million of \\rhich the Bank of America holds $16.5 million. A major portion of this amount, $15 million, ~ms used for road projects. The Chase National Bank of New York (now $1.7 million) and the First National Bank of Chica~o made loans of $2 million each, the Republic National Bank of Chicago made a loan of $608.000 t ~"1d the Merean tile Commerce National Bank and Trust Corporation, st. Louis, one for $709,000.

b) Loans from private companies outstanding as of June 30, 1951, amounted to $3.6 million, consisting of a loan by the \'restinghouse Electric Internationa.l Company nO"l amounting to $3":3 million, and one from Inter­national General Electrio for $361,000.

c) Southern Pacific Ra.i1+oad of Mexico properties were sold to the Mexican Government for $12 million. The Government paid 25%, 1.e., $3 million in cash. The balance, ~9 million, is ocvet"ed by ~'Iex1can Government bonds bearing J~ and amortized serially over 15 ye~s.

!.-:!±

Assumptions as to the Disbursement of Undisbursed Portion of Export-Import Bank Loans as of June 10, 1951

(In thousands)

Amount Amoun t as sumed to Loan undisbursed 2nd half ~ l'1ame of 0 b1i~or 6lJols.l 1221 338 Fred Leighton J !I 4'(,7 Nacional Financiera 344- y 427d Nacional Financiera 1,000 776 427J Nacional Financiera 1.375 1,375 42'7X Naciona1 Financiera 5.000 y 427L Naciona1 Financiera 2,250 2,250 ~ 487 Naciona1 Financiera ,!J.l},OOO

Alloea,ted 8/10/51 56,000 10,000 Unallocated 28aOOO

487A Nacional Financiera 12,500 2,590 lI8713 Nacional Financiera 1,000 487C Naciona1 Financiera 17,500 487D Nacional Financiera 5,000 3.000 494 Mexican Gulf Sulphur l.8ZS lL

TOTAL 161,847 19.991

11 Omitted because not an obligation of Mexico. ~ Assumed that it will not be utilized. ~4 Assumed that balance will not be utilized. :!.I Ac tual1y before February 2, 1952.

!2.S

11 Y 11 Y

23,000 34,800

6,300 ,500

5,000 2,000 !l

71,600

be disbursed in:

~ ~

11 !l Y Y JJ J.I Y :?J

23.000 23.200

3.610 500

5,000 7.500

]J 1/

55,310 7,500

Loan ~

300 323 362 379 427-A 427-:B 427-D 427~' 427-G 427-H 427-J 427-K 421-L 487 48'l-A 487-:8 487-C 487-D 487-E 487~ 487-G

338 ,66 494 50S

~

Assumptions as to the Disbursement of Undisbursed Portion 0-£ E}..""1)ort-Import :Bank and rnRD Loans as of June 10, 191)2

lame of obligor

EXPORT-IMPORT BAliK LOANS

Government and government-guaranteed loans Nacional Flnanciera~ S.A, Nacional F1nanciera~ S.A. Nacional Financiera~ S.A~ Bacional Financiera. S.A. Bacional Financiera, S.A. Bacional Financiera, S.A. Nacional Financiers, S.A. Nacional Financlera~ S.A. Nacional Financiera, S.A. Naclonal Financiera, S.A. Naclonal Financiera, S.A. Nacional Financiers, S.A. Nacional Financiera, S~A. Nacional Financiera, S.A. Nacional Financiera, S.A. Nacional Financiera, S.A. Nacional Financiera, S.A~ Haclonal Financiera, S.A. Bac10nal Financiera, S.A. Nacional Financiera, S.A. NAcional Financiera, S.A.

~otal government and government-guaranteed loans

Loans to private companies Fred Leighton,. Incorporated Cia Fundldora de F .yA.. de Monterrey t S. A. Mexican Gulf Sulphur Company Cia Minera Fernadez, S.A.

Amount outstanding

6/10/52

929 3~410 9,-900

15,925 2,462 2,281 4~.537 3,000 4,705 1,.440 lO~962

2,.258

2,500

1,800

....

66,109

76 238 459 292

Amount undisbursed

6/~o/52

Amount assumed to be disbursed in: 2nd half

19$2 1951 19,4 (in thousands)

Paid in July

--

-600 600

5,000 2.500 2'.500 482 482

26.800 1),400 1),400 10,000 6,390 3~610

1,000 SOO .s00 17~500 5~OOO 5.000 7.500

),.200 ),200 51,.000 ) 21,Oool 5,000 35,000)

It..lQQ. ..bjOO ....'

122t' 082 52,672 46,010 23,400

1 JJ 11 11 1,416 ~ ~ ~ S8 11

(Continued)

-2-

Assumptions as to the Disbursement of Undisbursed Portion of Exoort-Import Bank and IBRD Loans as of June 10. 1952 (Continued)

Loan No,

Amount Amount Amount assumed to be disbursed in:

516

12 24 33

Name of obligor

Loans to private companl~s (Continued) Pan American Sulphur Company

Total loans to private companies

TOTAL EXPORT-IMPORT BANK LOANS

IBRD LOANS Financiera and Comision Mexican Light and Power Company, l .. td. Consortium of Eight Mexican Eanks and

Nacional Financiera ~ Financiera and Comision

TOTAL IBRD LOANS

Total excluding loans to private companies

Total including loans to private companies

11 Omitted because n~t an' obligation of Mexico. 1J Cancellation of $9,44:3.,997. ~ Repayments of $13,650.

outstanding 6l"iOlr,2

-1.065

67,173

15,523 19,577

2081/ 595

35,903

lO2~O12

103,076

Undisbursed 2nd half (,ljolS2 1252 19'5~ 19'54

(in thousands)

.." '64 -~ -~ -fj ),0

5,139

127 •. 220

8~577 5,690 2,887 6,423 6,039 384

334 204 130 -29,105 14,2'35 10,405 4 t 465

44,439 26,168 13,806 4.465

166,521 78,840 59,816 27,865

171,659

A-5

XPORT-!f.iI!?ORT :BAl'\~K OF 1iASHINGTON STATEMENT OF LOANS MID AUTH03IZJlJD CREDITS _ ll[EXI CO

ommodi ty or Purpose

way construction ~1pment Rnd services l-mill equipment. Altos rnos de Mexico can handicraft way equipment - National il~ral of Mexico

111 equipment ctrical equipment 1als and

.plies d States equipment, ilities and . ices Oia. Electr1ca

pala, S.A. ltural equipment y equipment ar mills

ium s~lfate plant co-Ciudad I'.1adero ''later lte

Credits Authorized

30~972,767 .. 17

8,OOO~000.00 1,079,570.87

19.000,000.00

800,000.00

20.000,000.00

3410}, 250. 00

3,500,000.00 5,·000 t 000.00 7,000,000.00 5~OOO~000.OO 6,.000,000.00

1.515~750.00 y eqilipment.r-'iex.Nat.Rn. ; 12,900,000.00 y equipment, Souther.n

ific Ry. of Mexico 5,000,000.00 mine development 2,740,000.00

kterials 1 t 500,000.00 opment of agriculture, ~sportationJ communica-,ns a.nd electric pO"'ier l14;000~000.00 n Dam ~nd P o",er Plant 12,500,000.00

Cunoolla:;··:t.ons .. Balance not Amount Dishllrsed Principal Re­& ::1*Pira:b ione yet Disbursed by Eximbank paid on Loans

4,000,000.00 26,972 .. 767.17 20,428~l13.56

500~000.00 7 500,000.00 3t408~OOO.OO 70,000.00 3,vdJ.~78 929~570,87

19,000,000,,00 7,200,000,00

800,000.00 362 t 500.00

20,000,000.00 ),075,000.00

344 .. 250.00

350,000.00 3,150.000.00 . 268,128.00 5,OOO~OOO.OO 1,719.000.00 7 •. 000.000.00 1,762~210.'.5 5.000,000.00 1,500,000·.00

1,000,000.00 5 t 000.000._ 00

1,515,750.00 1~.J?5,000.OO 11 • .525,000.00

5,000,000.00 2,249,816.61 490,183.39

1,,00,000.00 210.206..91

114-~OOO~OOO.OO 12.500,000.00

Principal Outstanding

on Loans

6,544,653.61

4.G92~00O.OO . 76,998.22

11i800,00O~OO

.437,500.00

16,925 ;.000 .. 00

2,881~872.00 3~281~OOO.OO 5.237 ,789 •. 45 3~500)000.00 5,000 .. 000.00

1,515,750.00 11,525,000.00

490 .. 183.-39

1,289,793.09

( Cont inued)

------ ~

EXPORT-If.iiPOR'

Coun try and Primary Credit Obligor Number Commodity or

Nacional Financiera,S.At Highway constru (United Mexican States) 300 equipment pnd Nacional Financiera,S.A. Steel-mill equ1~

~ .... ~ ;. (United Mexican States) 323 Hornos de Mex t< .. " .. 'io ... \.. *Fred Leighton, Inc~ 338 Mexican handier.

Nacional Finaneiera,S.A Rail~m.y equipme .... " (United Mexican States) 362 Rail"ray of Me • 7 t .. - ~; _I. .. ... r

Cia Fundidora de F.y.A. Steel-mill equi: ., •• t. .

" I de Monterrey,S.A. 366 Ele ctrical eq' '" . Nacional Financiera,S.A Materials and (United Mexican States) 379 supplies Nacion~l Financiera, S. A. United states e( (United Mexican States) facilities anI

" .~. . - Vnallotted 427 services Nacional Financiera,S.A. Nueva Cia. Elee'

" , .. <., t (United Mexican States) 427-A Chap ala , S.A. It rt It 427-:13 Agri cuI tural eq' • . .... - . :

.. - . ' - ,.-. ," ~ . tJ n II 427-D Rail way equi pmei . : ~. t ~ .. ~ ,-~ •.. .1..~, ' . .. (: ~ .. " It " 427-E Two sugar mills .. to • ..... , . ,

" If " 427-0- Ammonium sulfa t ~ Tamp i co-C i udad 1\

II 11 " 427-H \,lorks 11!

" II " 427-J Rail way equi pmel Rail"ray e('~uipmel

*11 II tI 427-K Pacific Ry. oj It n II 427-L Coal mine devel<

Na clonal Financiera,S.A.

• La Consolidada,S.A. (United Mexican states) 452 Raw materials Nacional Financiera,S.A. Development of I: (United Mexican states) transportatiol

- Unallotted ~ 487 tions and ele~

" n WI 487-A Falcon Dam and F

-2-

~-IMPORT EANlC OF tTASHINGTON STATEMENT OF LOANS AND AUTHORIZED CREDITS - MEXICO (Continued)

Commodi ty or Purnose

~dua.S Dam

i Alto Canal sion of steel mill

noing erection of sUlphur ant

It

Credits Authorized

l~OOO~OOO~OO 17,500,000 0 00 5,000,000.00

1,875,000.00

Principal Cancellations Balance not Amount Disbursed Princiua1 Re- Outstanding & E)...-nil'&tions yet Disbursed by Eximbank paid on Loans on Loans

I~900~000~OO 17,500~000"oo 5,000,000.00

1,875,000,,00

282,227.338.04 4,920,000.00 161,847,068.39 114.453,700.56 40,862,729.89 74,597,S39.76

Country and Primary Obl1l;or

Nacion~,2 Financiera, S. A. (United Mexican States)

- Unallotted tt " "

n " " ·Mexican Gulf Sulphur Co. flIld Mexican Sulphur Co.

TOTAL

Cr~dit

IlJumber

487-B 487-0 487-D

494

EX!' ORT-IMPORT BANI

Caromodi ty or_

Anzalduas D~m Yaqui A1to Cana] Expans ion of stE Financing erect~

plant

*Excluded from figures in A-l and A-2.