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Volume 33: debated on Tuesday 30 November 1982

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asked the Chancellor of the Exchequer what recent arrangements have been agreed between the International Monetary Fund and Mexico; who are the signatories to such agreements; and what conditions were attached by the International Monetary Fund to the agreements.

[pursuant to his reply, 29 November 1982, c. 77]: No arrangements have yet been concluded between the International Monetary Fund and Mexico. We understand that a Letter of Intent signed by the Mexican Secretary of Finance and Public Credit and the Director General of the Bank of Mexico has been received by the management of the fund and that fund management has agreed to put the letter of intent, together with the IMF staff's appraisal and recommendation and the draft text of an extended arrangement, before the IMF executive board in late December.Approval of the extended arrangement would be a decision of the fund. The letter of intent and the fund decision together would constitute the basis for an IMF loan, rather than a jointly-signed agreement.The letter of intent is confidential. However, under the fund's guidelines extended arrangements are associated with comprehensive three-year programmes that include policies of the scope and character required to correct structural imbalances in production, trade and prices, and are judged to the fund's satisfaction to be adequate for the solution of the member's problem.