IDB Backs Mexico's Economic Recovery Plans Through USD1B Loan

Mexico city at night. The Inter-American Development Bank has approved a a USD1 billion loan to boost the country's economic and fiscal stability. Photo by: Tinou Bao / CC BY Tinou BaoCC BY

The Inter-American Development Bank has approved a USD1 billion loan aimed at boosting Mexico’s economic and fiscal stability.

The loan will help Mexico carry out tax and other economic-related reforms that the government passed in 2009. It will also support the implementation of a consistent accounting system at all levels of government.

“The approval of the ‘Program to Support the Consolidation of Fiscal Sustainability’ is a recognition of the policies undertaken by Mexican authorities to mitigate the impact of the international financial crisis on the economy, strengthen national public finances and improve the quality of fiscal management,” the bank said in a statement.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.