墨西哥：请求灵活信贷额度下的安排和取消当前安排的新闻稿；员工报告

IMF Country Report No.25/301 MEXICO REQUEST FOR AN ARRANGEMENT UNDER THEFLEXIBLE CREDIT LINE AND CANCELLATION OF THE November 2025 In the context of theRequest for an Arrangement Under the Flexible Credit Line and •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onNovember 13, 2025, following discussions that ended onSeptember12, 2025. Based on information available at the time of these discussions, the staff •AStaff Supplementof October 30, 2025, on the assessment of the impact of theproposed arrangement under the Flexible Credit Line on the Fund’s finances and TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201 International Monetary Fund IMF Executive Board Approves New Two-Year US$24 Billion Flexible FOR IMMEDIATE RELEASE •The IMF approved on November 13, 2025, a successor two-year arrangement for Mexico under theFlexible Credit Line (FCL), designed for crisis prevention, of about US$24 billion. •Mexico qualifies for the FCL by virtue of its very strong economic fundamentals and institutionalpolicy frameworks and track record of macroeconomic performance and policy implementation. •The authorities intend to continue to treat the arrangement as precautionary. Washington, DC – November 14, 2025:The Executive Board of the International Monetary Fund (IMF) approved yesterday a successor two-year arrangement for Mexico under the Flexible Credit Line (FCL) inan amount equivalent to SDR 17.8254 billion (about US$24 billion,1equivalent to 200 percent of quota)as requested by the authorities and noted the cancelation by Mexico of the previous arrangement. The This is Mexico’s eleventh FCL arrangement since 2009. Since 2017, Mexico has been gradually reducingaccess under its FCL arrangements. The arrangement approved on November 29, 2017 (seePress ReleaseNo. 17/459) was for an original access amount equivalent to SDR 62.389 billion (about US$88 billion),which, at the request of the Mexican authorities, was reduced to SDR 53.4762 billion (about US$74billion) on November 26, 2018 (seePress Release No. 18/440). The arrangement approved on November Following the Executive Board’s discussion on Mexico, Mr. Nigel Clarke, Deputy Managing Director and Economic activity in Mexico remains soft, constrained by needed fiscal consolidation and still restrictivemonetary policy, as well as the dampening effect of trade tensions. Nevertheless, the economy has shown credible inflation targeting framework, a fiscal responsibility law, and a well-regulated financial sector.Mexico continues to meet all the Flexible Credit Line (FCL) qualification criteria. The authorities have embarked on an appropriate recalibration of the policy mix, easing monetary policyamid reduced price pressures and unwinding the 2024 fiscal expansion. Going forward, more ambitiousfiscal consolidation would prevent further upward drifts in public debt and create valuable fiscal space to Mexico remains exposed to elevated external tail risks. Trade-related risks have risen since the last FCLreview. On the other hand, financial conditions have become more accommodative and the country’s The new arrangement under the FCL will continue to play an important role in supporting the authorities’macroeconomic strategy and provide insurance against tail risks while bolstering market confidence. Its MEXICO REQUEST FOR AN ARRANGEMENT UNDER THE FLEXIBLE October 29, 2025 EXECUTIVE SUMMARY Context:Economic activity has been decelerating since mid-2024, in large part due to aneeded fiscal consolidation and restrictive monetary policy. U.S. trade policy, and theuncertainties associated with it, have added to these headwinds. The authorities remain Risks:External downside risks have increased somewhat since the mid-term review, astrade-related risks have risen. However, financial conditions have become moreaccommodative and the country’s reserve buffers have risen. Mexico is exposed to risksfrom a larger-than-expected impact of U.S. tariffs and uncertainty regarding the Flexible Credit Line (FCL):The authorities are requesting a two-year FCL arrangementfor SDR 17.8254 billion (200 percent of quota) and the cancellation of the currentarrangement, approved on November 15, 2023 (SDR 26.7381 billion, 300 percent ofquota). The authorities intend to continue to treat the FCL arrangement as Fund liquidity:The proposed new commitment and cancellation of the currentarrangement would have a net positive impact on the Fund’s liquidity position. Approved ByNigel Chalk (WHD) The report was prepared by a team comprising Gustavo Adler(head