Mexico will repay $7 billion in debt to the World Bank and the Inter-American Development Bank
Jun. 22, 2006

Mexico will repay $7 billion in debt to the World Bank and the Inter-American Development Bank using the international reserves of its central bank, which have soared to more than $77 billion, Mexican Deputy Finance Secretary Alonso Garcia Tames said June 22. The Mexican government will issue peso-denominated bonds to buy the necessary reserves for the payment, which will reduce the country’s debt with those two organizations to more than half its current amount. After the payment, the government's foreign debt will be equivalent to 6.4 percent of the country's gross domestic product.

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