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             United Mexican States: Fiscal Risk Management Development Policy Loan

                                                 SUMMARY OF DISCUSSION

                                               Meeting of the Executive Directors

                                                               March 22, 2012



        Executive Directors approved a Loan for the Fiscal Risk Management Development
Policy to the United Mexican States in the amount of US$300,751,879.70 on the payment terms
and conditions set out in the President’s Memorandum (R2012-0035).

        Executive Directors expressed support for the program, which would support policies to
foster the implementation of public expenditure programs to strengthen budget stability,
transparency, natural disaster risk management, and subnational debt management. Directors
encouraged continued attention to public revenue enhancing measures, economic growth and
poverty reduction. Finally, Directors stressed the importance of close monitoring of results
during implementation.




                                                            
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  This summary is not an approved record.