Office of the Historian

102. Memorandum From Robert Hormats of the National Security Council Staff to the President’s Assistant for National Security Affairs (Scowcroft)1

Washington, September 20, 1976.

SUBJECT

  • U.S. Assistance Program to Mexico

Agreement has been reached on the following help for Mexico:

—a $600 million U.S. swap agreement with the Bank of Mexico;

—a $1.2 billion IMF credit for Mexico.

The swap is designed to help the Mexicans until the IMF credit can be made available. Both should be useful in ameliorating current uncertainties in Mexico which have precipitated a run on that country’s banks.

This program will be announced in Washington at 11 a.m. today.

  1. Summary: Hormats informed Scowcroft of an agreement under which the United States would provide emergency financial assistance to Mexico.

    Source: Ford Library, National Security Adviser, NSC Staff for International Economic Affairs Files, Convenience File, Box 2, Country File, Mexico. Secret. Sent for information. In a September 20 memorandum, Simon informed President Ford of the details of the financial assistance package that would be provided to Mexico. (Ibid., Presidential Country Files for Latin America, Box 5, Mexico—López Portillo Visit 3)

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