The external debt of Mexico

 Nc. E 133a 67056 This report is not to be published. nor may it be quoted as representing the Bank's views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT THE EXTERNAL DEBT OF MEXICO , February 15, 1951 Economic Department Prepared by: James J. Lynch  TIlE ~TEBlJAt DEET OF MEXICO Table of Contents Page 1. External Debt and Service Payments 1 II. External Service Payments 3 Table A-I: External Debt of Mexico Table A-2: Estimated Interest and Amortization Payments on the External Debt of Nexico. A-J: Authorized $31 million of $150 million Credit.  THE EXT::Rlw.. DEST OF !lEXICO * I. External Debt and SerVice Payments The total external debt of j<'lexico in December 1950 amounted to $.509.2 million, of 't'rhich $299.5 million was outstandinG and $209.7 million still undisbursed. Practically all of this debt is ::payable in U. S. dollars and may be summarized as follows: a) Export-Import :Banl<: loa,ns amounting to ;p242.2 million of 1t-lhich $80 million 'VJas outstanding on December 31, 19.50, and $162.2 million he,d been authorized but not drai'm. b) Dollar bonds tot~lling $81.2 million resulting from the debt adjustment plans of 1942 and of 1946-50, which required an 80% write-off of the old par value of the debt ($465 million), the elimination of enemy-held bonds. and the operation of si~~ing funds. c) I:BRD loans amounting to $50.1 million 1./, including the follo\"ring small amounts: Canadian dollars (U8$1.54,139). S1·riss francs (US$12l,169) , and Lire (US$37 .947) • d) :Bank of ii.merica. loans amounting to $22.5 million. e) various remaining claims of the Mexican-American Commission valued at $14 million, and f) a \vestinghouse Electric International loan of $).9 million and one frOm International General Electric !3,mO'J.nting to 4>1.9 million. The remainder of the debt represents the .anglo-Dutch oil settlement equivalent to $92.4 million. * For details of historical background see I:BRD Economic Department report "I-1exico I s External Public Debt, Economie and Financial Causes of Debt and Debt Adjustment Plans", reVised, dated January 27. 1950. 11 $32.5 million undisbursed on January 31, 1951. ... / ...  - 2 - Listed belo", are the total amounts in each category. For details of the loansma:dng up these totals, see Table 4-1. External Debt of :lexico (in thousands of U.S. dollars) Amount Amount authorized but Total outstanding not disbursed debt Gover~~ent bonds (excluding enemy-01rmed bonds) 36,234 36,234 Baili-ray bonds (excluding e).1emy-01tmed bonds) 42,777 42,777 Interest obligations (excluding enemy-ovmed bonds) 2,201 2,201 Total bonds . . . . 81,212 81,212 Ex-.;Jort- II':lport Bank loans (12/31/50) 2,0,012 162,165 242,177 BP.D loans (1/31/51) 17,602 32,498 50,100 Other debt 120,699 15,000 135,699 ':i:ota1 debt . . .. 299,525 209,663 509,188 ... / ...  - 3- II. External Service Payments Estimated total service payments for 1950 amounted to the equ.ivalent of $41.4 million, of ",hieh $9.1 million was interest and $32·3 million amortization. Payments follow an upward curve reaching a peak in 1954 estimated at $56.3 million, then declining to $48.6 million in 1955. to ~40.4 million by 1957 and to $31 million by 1962. By 1963 it is estimated that payments will be about $22 million, a drop of $9 million from the previous year and by 1969 payments will have declined to approximately $5.) million, and will remain at that level through 1972. finally dropping to $1.9 million by 1974. A major portion of these service charges. running as high as $15 to $16 million for 1954-57. is for estimated interest and amortization on the $150 million authorized by the Export-Import 3ank for specific projects to be determined at later dates. To date $31 million 1.1 i-,orth of projects have been submitted, but none of the funds from this authorization were utilized during 1950. It is assumed ~ that substantial amounts. possibly as hig..1t as $40 million, may be drawn in 1951, that $60 million may be dra,m in 1952 and the remaining $50 million in 1953. It is further assumed that the interest rate (3~) and maturities (10, 15 and 20 years) will be similar to those Hexico has previously received from the Export-Import Bank. In order to estimate service charges more accurately it will be necessary to obtain a more precise estimate of the schedule of utilization of the $150 million. I I 11 See A-3 for details. gj Based on estimates from Export-Import Bank.  -4- Listed be1o\-l are the total debts and required interest and amorti- zation payments along with payments by types of currency. For additional details see Tablt..l A-2. ESTIHATED INTEREST AIID At40RTlZATION PAYMENTS ON THE EXTERii!AL DEBT OF HEX! Co.. (in thousands of U.S. dollars) TOT A L Service Payments bZ Currencies. Amount' Pazments out- Amort!- ~ standing zation Interest Total Can.~ ~ 5\'1 frs. U. S.~ 19.50 481,310 32t336 9,114 41,4.50 4 41,446 1951 491,350 29,255 10,049 39,304 7 2 6 38,.589 1952 .531,261 34,021 12,46.5 46,486 7 2 6 41,3.54 1953 526,029 42,130 13,337 55,467 9 3 8511 43,921 19.54 464,745 43,474 12.856 56,330 10 3 3 40,075 19.5.5 412,092 37,088 11.489 48,577 11 3 3 32,718 1956 366,160 33,972 10.323 44,295 11 3 3 28,832 1957 323,611 31,141- 9,236 40,377 11 3 3 2.5,311 1958 284,253 29,816 8,231 38,047 11 2 4 23.378 1959 247.017 29.155 7, 283 36,438 11 2 4 22.165 1960 210,947 28,867 6,352 35,219 11 2 4 21,343 1961 175,.592 26.542 5,451 31,993 11 2 4 18,.514 1962 143,286 26,795 4,115 30,910 II 3 3 18.322 1963 111,649 18,198 3.757 21,955 11 3 3 12,269 1964 87,849 13,9.55 3.041 16,996 12 3 3 10,100 1965 69,686 11,124 2,586 13,710 11 3 3 7,019 1966 56,776 11,098 2,134 13,13 2 11 3 3 6,745 1967 43,892 8,342 1,683 10,025 11 3 3 6,409 1968 33,764 8,074 1.328 9,402 11 3 3 5,897 1969 23.903 4.326 984 5,310 10 3 3 3,584 1970 19,577 4,414 804 5,218 11 3 3 3,543 1971 15,163 4.534 619 5,153 11 3 :3 3,531 1972 10,629 4,656 428 5,084 12 2 :3 3.514 1973 .5,973 3,284 232 3,516 11 3 3 3,.500 1974 2.689 1,773 10l 1,874 12 3 2 1,857 11 According to the terms of the loan contract the SWiss franc portion of IBRD Loan No.12 is to be repaid first. ~: The above figures include interest and amortization charges on the EXIM authorized $150 million loan amounting to $700.000 in 19.51. rising to a peak of $16.2 million in 1954 and gradually declining to $9.6 million by 1963 and then to $1.6 million by 1974. Based on estimates by th~ EXIivlBAHK i t is believed that this loan \'1111 be dra ...m dov.m as follows: $40 million in 19.51, $60 million in 1952 and the remainder - $50 million - in 1953. and that the interest rate \·,111 be 3t% and maturities will run 10, 15 and 20 years. For further details see Footnote 5 in Table A-2.  Table A-I: , EXTERNAL DEBT OF lYiEXICO (In thousands) Page 1 Original Original' pa.J." No..! pal" Amount par value value con- val~o under in original verted currencies dollars ty out- debt plans standing GOVERNl;£NT BONDS Dollar bonds ~ 58;915 58,,915 Sterlins bonds ;b 30,094 142;935 Peso bonds p 139,594 28;782 230,632 (47 ,55~J / (45,49~~ / Excluding enemy-ovined bonds 37,93~ 36,23L6r Obligations representing interest 1914-1922 $ 77,675 71,675 t 1,189 4,792 p 55,294 ll~401 93:868 ...,....._..-...... Obligations representing interest 1923-1942 ~ 147,149 147,149 ;r.. 3,355 13,521 p 73,651 24,347 18~z017 Total interest obligations 27 ,884 1,350 RAILlIAY BONDS Dollar bonds $ 211,415 211,415 Sterling bonds ;b 5,384 21,697 233,112 (48,06~~1 (48,064) Excluding el1emy-01l'med bonds 42,77721 42,777 Obligations representing interest 1914-1922 ~ 82,131 82,131 2,593 10,451 92.582 Obligations representing interest 1923-1945 ~ 205,348 205,348 t 6,591 26,562 231;910 Total interest obligations 324,492 ( 2,445) ( 2,445) Exclu.ding eneWJ ormed 2,201 2,201 Total bonds 81,2,12 f r See footnotes on page 3.  Table A-l: EXTERNAL DEBT OF MEXICO - Continued (In thousan ds) Page 2, Amount Amount authorized In c~rency Expressed in ,. ot pa~nt U.S. dollars EXPORT-I~~ORT BANK LOANS Outstanding 12/31/50, 3 1/2-4 1/2%-1969 $ 80,012 80,012 Undisbursed 12/31/50 :\P162,165 162,165 §/ Total Export-Import Bank loans 290,.593 $242,171 242,177 I.B.R.D. LOANS Financiera & Comision - outstanding 1/31/51 $ 10,032 10,032 Sw tr 338 79 10;111 undisbursed 1/31/51 $ 13,989 13,969 24,100 24,100 Mexico Light & Power Co. - outstanding )131/51 $ 7,256 7,2.56 Can ~ 165 Lit 23,717 38 Sw fr 182 43 7",491 undisbursed 1/31/51 $ 18,509 18.']09 26,000 ~6,'ooO Total I.B.R.D. loans >O,lCO OTHER DEBT Westinghouse Electric International Co. 3% - 1959 5,000 $ 3,91.5 3,915 International General Electric 3jb-1953 3,031 ~ 1,91 7 1,917 Bank of America loans Carretera Transistrnica 4 1/2% & 5%-1951 5,000 d" 'ii' {~ 5,000 . 5,000 1iiguel Aleman Darn 5% ... 1952 1,500 oW , 1,500 1,500 SoutrrEastern Ry.8% - 19.51 1,000 'if' 1,000 +,000 Highway loan (undisbursed) 5%-1952 15,000 ~ 15,000 15,000 Alurninumo Import Co. 637 C 106 106 Oil, agarian & other settlements To United States i Mexico Eastern Oil Co. 1,000 'if' 800 800 Mexican-American claims 19,000 ~ 14,000 14,,000 To other countries ~ 92,%0.21 Edificio en Buenos Aires(Argentine pesos) 51 Anglo-Dutch Oil settlement 103,732 92,410 Y Total other debt 1352 699 Total debt outstanding 299 z525 Total debt undisbursed 204,.663 TOTAL DEBT 509,1881/ See footnotes on page 3.  Table A-l: FOarNarES Page 3 11 Converted at the rates specified in the debt adjustment plan as follows: J.1 .. ~;,4.03 ~1 "'" 4<> 8$ pesos Sf Enemy-o\vned bonds are notel1gible to participate in the plan. They amount to about 21% of the total. :JI Enemy-owned bonds are not' eligible to participate in the plan. They amount to about 11% of the total. W Pe f 0 equivalent not knovm. This obligation consists of a settlement by the Mexican Government of ~81,250,- 000 plus interest at 3% p.a. from N~rch 18, 1930 to September 18, 1948 0 The amount of ~103,732,OOO authorized shown in the table is our estimate of this amount. It is to be paid off in 15 equal annual instalments of ~8,689,257.85 on September 18 of each year from 1948 through 19620 Total of these instal- ments amounts to ~130,338,867.7S. §/ Includes Export-Import Bank Credit No. 487 for IIdevslopment of agriculture, transportation, communications & electric powerll in the amount of :WlSO,OOO,- 000. There are no terms of repayment provided in the contract. The terms will be agreed upon when each project is authorized. Does not include the fol1olVing Mexican National Packing Co. 1st mtge. 6;6, 1911-1931 ~ 3,000,000 Mexican National Packing Co. 2nd mtge. 6%, 1911 1,$00,000 State of Coahuila 6%, 1900-1940 752;000 State of Jalisco 6%, 1898-1928 1,500,000 State of Jalisco 6%, 1900-1930 1,000,000 None of these bonds has been included in either the debt plan of 1922 or 1942. The bonds of the Mexican National Packing Co. bear the guarantee of the Mexican Government but are not recognized by the Government.  Ts.ble A-2; ESTnIATED nqTE...'lillST .:J.iJD AMORTIZATION PAYMENTS ON THE EXT.DIWAL DEBT OF fiIEXICO (In thousands of U.S. dollars) Page 1 -~-----H-ai-h-~a-:y-bo-n-d-s--:iI;:-r----- Government bonde "j) Other dollar debt = Amount Payments Amount payments Amount Payments Year out- Amorti- In- out- Amort i- In- out- Amorti- In- standing zation tere~t Total standing zatiQP tarest Total ~tanding zation tarest Total 1950 214,204 5,896 5,89~ 36,234 722 1,517 2,239 119,164 13,258 3,458 16,716 1951 182.739 5,896 5.89~M 35,203 722 1,459 2,181 122,390 13.329 3,627 16,956 1952 153,820 5,896 5,89~1 34,172 722 1,401 2,123 109,061 13,.694 3,268 16,962 1953 127,022 5,896 5,89o£t 33,141 722 1,3lj-3 2,065 95,367 15,080 2,796 17,876 1954 102,280 2,948 2,948 32,110 722 1,285 2,007 80,287 15,026 2,288 17,314 1955 90,463 2,948 2,948 3J~079 722 1,227 1,949 65,260 9,680 1,889 11,569 1956 78,980 2,948 2,948 30,048 722 1,169 1,891 55,580 7,477 1,664 9,141 1957 67,766 2,948 2,948 29,017 722 1,111 1,833 48,101 7,689 1,440 9,129 1958 56,910 2,948 2,948 27,986 722 1,053 1,775 140,412 7,907 1,210 9,117 1959 46,851 2,948 2,948 26,955 722 995 1,717 32,505 7,.926 972 8,898 1960 37,302 2,948 2,948 25.924 722 937 1,659 24,575 7,952 737 8,689 1961 28,171 2,948 2,948 24,893 722 879 1,601 16,627 8,190 499 8,689 1962 19.769 2,948 2,948 23,862 722 821 1,543 8,436 8,436 253 8,689 1963 12,288 2,948 2,948 22,831 3,475 763 4,238 1964 5,227 2,805 2,805 17,867 1,787 486 2,273 1965 14,294 1,787 389 2,176 1966 10,721 1,787 292 2,079 1967 7,148 1,787 195 1,982 1968 3,575 1,788 98 1,886 1969 1970 1971 1972 1973 1974 See footnotes on page 6.  Table A-2: ESTIMATED INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERl~AL DEBT OF MEXICO - Oontinued (In thousands of U.S. dollars) ~. _ __I'M~L 2_ 4' I.B,R.D. LOANS U. S. dollars ::!J Oanadian dollars - Swis s francs Amount pgyments Amount P9.>yments Amount Payments Year out- Amort i- In- Total out- Amort i- In- Ttl out- Amort i- In- Total standing zation terest standing zation terest 0 a standln~ zation terest 1950 1951 14,933 17,288 854 778 854 778 154 154 4 7 4 7 59 122 - 6 6 1952 49,786 2,240 2,240 154 7 7 122 6 6 1953 49,786 1,063 2,240 3,30J 154 2 7 9 122 79 Y 6 85 1954 48,723 1.543 2.175 3,718 152 4 6 10 43 1 2 3 1955 47,180 1,605 2,105 3,710 148 5 6 11 42 1 2 .3 1956 45,575 1,670 2,032 3,702 143 5 6 11 41 1 2 3 1957 43,905 1,737 1,956 3,693 138 5 6 11 40 1 2 3 1958 42,168 1,805 1,877 3.682 1.3.3 5 6 11 J9 2 2 4 1959 40,363 1,879 1,796 3,675 128 5 6 11 37 2 2 4 1960 38,484 1,953 1,710 3,663 122 6 5 11 35 2 2 4 1961 36,531 2,032 1,621 3,653 116 6 5 11 .3.3 2 2 4 1962 34,.499 2,114 1,5.30 3,644 110 6 5 11 31 2 1 3 1963 32,385 2,200 1,432 3,632 104 6 5 11 29 2 1 3 1964 30,185 2,286 1,33.3 3,619 98 7 5 12 27 2 1 3 1965 27,899 2,380 1,229 3,609 92 7 4 11 25 2 1 3 1966 25,519 2,477 1,120 .3,597 85 7 4 11 23 2 1 3 1967 23,042 2,576 1,010 3,586 78 8 3 11 21 2 1 .3 1968 20,466 2,682 891 3.573 70 8 3 11 19 2 1 3 1969 17,784 2,789 769 3,558 62 8 2 10 17 2 1 3 1970 14,995 2,901 64Z .3,543 54 9 2 11 15 2 1 3 1971 12,094 3,020 511 3,5.31 45 9 2 11 1.3 .3 3 1972 9,074 .3,141 373 .3,514 36 10 2 12 10 3 J 1973 5,933 .3,268 2.32 .3.500 26 10 1 11 7 .3 3 ,1974 2,665 1,757 100 1,857 16 11 1 12 4 2 2 $ee footnotes on page 6,  Table A-2;: ESTIMAT.ED IUTElLST AIm .AHORTIZ.t:l.TIOH PA1!'Ii~UTS 9H. TIt::; r:xTERNAL DEET OF MEXICO - Continued (Expressed in thousands of U.S. dollars) F.,a{!.e 1 ;r .:B.R.D. LOAlilS . Total EftPort-Import :Bank !!1re Year Amount E~ents Amount _. _ pa,~ents Amount P&ments out- Amort i- In- Total out- Amo I't i- In- Total out-. .Amorti- In- Total e tg,u!l1IU;~ za:1iion, :1ifl.t6§:t s:l:ianding ~a:ti.Qn tel~d §tgndl;cg zaUan :t~;[~~!i 1950 38 15~184 857 857 96.524 12,460 3.281 15,741 1951 38 2 2 171'602 793 793 93,i.r·16 9,308 3,470 12,778 1952 38 2. 2 .50~100 2.255 2.255 84,108 11.042 3.. 091 14,13) 1953 38 1 2 3 50 r IOO 1,145 2,246 3,391 7:3,066 12,120 2.661 ll~f 781 19~ 37 1 2 3 48,955 1,549 2,185 3,7:34 60,947 11,896 2,192 14,088 1955 36 1 2 3 47,406 1,612 2,115 3.727 49,051 10,793 1..749 12,542 1956 35 1 2 3 45,794 1,677 2,042 3,719 :38,258 9,815 1,3:35 11.150 1957 34 1 2 3 44,117 1,744 1,966 :3,710 28,443 6,705 1,003 7,708 1958 33 1 1 2 42,373 1,813 1,886 3,699 21,738 5,093 763 5,856 1959 32 1 1 2 40,560 1,887 1,805 3,692 16,645 4,339 588 4.927 1960 31 1 1 2 38,673 1,962 1,718 3.-680 12,305 3.950 434 4,384 1961 30 1 1 2 36,711 2,041 1,629 3,670 8,355 1.308 315 1,623 1962 29 2 1 3 34,670 2,124 1,537 3,661 7,047 1,232 266 1,498 1963 27 2 1 3 3~.543 2,210 1,439 3,649 5,815 1,232 219 1,451 1964 25 2 1 :3 30,336 2,297 1,340 3.637 4,583 1,232 171 1,403 1965 23 2 1 3 28,039 2,391 1,2)5 3.626 3,351 1,112 122 1,234 1966 21 2 1 3 25.648 2,488 1,126 3,614 2,.239 989 80 1,069 1967 19 2 1 3 2),160 2,588 1,015 3,603 1,250 800- 41 841 1968 17 2 1 3 20,.572 2,694 896 3,590 450 425 13 438 1969 15 2 1 .3 17,878 2.801 773 3.574 25 25 1 26 1970 13 2 1 .3 15.077 2,914 646 3,560 1971 11 2 1 .3 12,163 3,034 514 3.548 1972 9 2 2 9,129 3,1.56 375 3,531 :1.973 1974 4 3 .3 :3 :3 5,973 2,689 3,284 1,773 232 101 3.516 1,874 See footnotes on page 6.  ![lable A-2: ESTUIAT?..D INTIIRjJST AND AMORTIZ~~TIOU PAYMTINTS ON TE!:D EXTERlJAL DEBT OF Mllnco - Oontinued (Expressed in thousands of U.S. dollars) Page 4 To'tal dollar debt Total debt Amount P§!.vments Amount ;fayments Year Amort i- In- out- Total out- Amorti- Ino- Total standing ~ation tere§t s -~andil!g zatj.on te!:§st 1950 481,059 32,336 9.110 41,446 481,31 0 32 t 336 9,114 41,4.50 1951 451,036 29,255 9,334- 381)589 451,350 29,255 9,349 .38,604 1952 4.30 i 94'7 31,JS4 10,,()'.)O 41,354 431,261 31,3.54 10,015 41,369 1953 378.382 34 p 881 9~\}~O 43 t 92 1 378,696 34,963 9,055 44,018 1954 324,347 32,135 7~S40 40,075 32 l r-,.579 32,141 7,950 40,091 1955 283,033 25,748 6,970 J2,718 283~259 25,7.55 6,.980 32,7).5- 1956 248,441 22,632 6,200 28,832 248,660 22,639 6,210 28,849 1957 217,232 19,801 5,510 25,311 217,444 19,808 5,520 25,328 1958 189,214 18,475 4,903 23,378 189,419 18,483 4,912 23,J95 1959 163,319 17,814 4,351 22.165 163.516 17,822 4,360 22,182 1960 138,590 17,525 3,818 21.343 138,779 17,534 3,826 21,360 1961 114.577 15,200 3,314 18,514 114,757 15,209 3,322 18,531 1962 93,613 15,452 2,870 18,322 93 p 784 15,462 2,877 18,339 1963 73,319 9,855 2,414 12,269 73,480 9,865 2,421 12,286 1964 57,.862 8,110 1,990 10,100 58.013 8,121 1,997 IO,1l8 1965 45,544 5,279 1,740 7,019 45,684 5,290 1,746 7,036 1966 38,479 5,253 1,492 6,745 38,608 5,264 1,498 6,762 1967 31,440 5,163 1,246 6,409 31,558 5,175 Is 251 6.426 1968 24,491 4,895 1,002 5,897 2411 597 4,907 1,007 5,914 1969 17,809 2,814 770 3,584 17~903 2p 826 774 3,600 1970 14,995 2,901 642 3,543 15,077 2,914 646 3,560 1971 12,094 3,020 511 3,531 12,163 3,0)4 .514 3,548 1972- 9,074 3,llt-l 373 3.514 9,129 3,156 375 3,531 1973, 5,933 3,268 232 3,500 5';1973 3,284 232 3,516 1974' 2,665 1,757 100 1,857 2,689 1,773 101 1,874 See footnotes on page 6.  Table A-2: ESTI.MATED INTEREST nD .A1 IOllTIZATlON PAYlCNTS ON·TIC EXTIJIDTAL DEBT OF MEXICO - Continued J (Expressed in thousands of U.S. dollars) El.J2ort-Im~ort :Bank loan ~48Z :il :. :Grgng, tQta:b Page ~ Year Amount :f§.yments Amount l:aYments out- Amort i - In- Total o'\.'tt~ Amort1- In- Total standing zat;\on tere~t ~p~ruld i 'ago ~atiQn terest 1950 481,310 32,336 9,114 41,450 19.51 40,000 700 700 523,848 29,255 11,511 40,766 1952 100,000 2,667 2~450 5~117 531,261 34,021 12,465 46,l486 1953 147,333 7,167 4~282 11~449 526,029 42,130 13,328 55 ..458 1954 140,166 11,333 4~906 16:239 464,745 43,474 12,856 56,330 1955 128,833 11.333 4 f 509 15 s 842 412,092 37,088 11,489 48,577 1956 117,500 11,333 4,113 15,446 366,160 33,972 10,323 44,295 1957 106.167 11,333 3,716 15,049 323,611 31,..14-1 9,236 40,377 1958 94,834 11.333 3.319 14.652 284,253 291 816 8,231 38,047 1959 8),501 11,333 2,923 14,2,56 247,017 29,155 7,283 36,438 1960 72t 168 11,333 2,526 13.859 210,911-7 28,867 6,352 35,219 1961 60,835 11,333 2,.129 1.3.462 175,592 26,542 5,451 31,993 1962 49,502 11,.333 1.. 238 12,571 143,286 26,795 4,115 30,910 1963 38,169 8,.333 1,336 9,669 111,649 18,198 3,757 21,955 1964- 29,836 5,834 1,044- 6,878 87,849 13.955 .3,041 16,996 1965 24-,002 5,834 840 6,674 69,686 11,124 2,586 1.3,710 1966 18,168 5,834- 636 6,370 56,776 11,098 2,134 13,132 1967 12,334- 3,167 432 3,599 43,892 8,-342 1,68.3 10,025 1968 9,167 ,,167 321 3,488 33,764 8,074 1,328 9,402 1969 61'000 1,500 210 1,710 23,903 4,326 984 5,310 1970 4-,500 1,500 158 1,6S8 19,577 4,414 804 5,218 1971 3,000 1,500 105 1,60,5 15,163 4.534- 619 5,153 1972 1,500 1,500 53 1,553 10,.629 4.656 428 5,084 1973 5,973 3,284 232 3,516 1974 2,689 1,773 101 1,874 See footnotes on page 6.  2.:;;.£l~,~L:'S~ 1't)~TlITOTES _ _ _ _ _ _ _ _~ _ _ _ _ _ _ _ _- -_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _~-- _ _ _ _ _ _ _ _~ _ _ _ _ _ _ _ ~~~~~~~~.'~ _ _ _ _ _ _ _ _r _ _ _ _ _ _ _~ _ _- - - -_ _~_ _ _ _ _ _ _ __ _ 1J It was assumed that because of tax advantages~, bonuuolders wotLld accep'li Plan]3, Actually the cost of Plan A would be the same except that sorne. of the muney 1rJoul.d bfj (',.;rf'e;"l.1I'3d fO'i~ interest. It was assumed that Class A bor.ds WO'l"_d 1)6 retired at the pric es i-r: ;jho ~o:r..traet and that Class B" C and D bonds \voulcl "he 1'f";:":r-aCI a:" toe f'ollclrl!;'lg discoun'i; f:L Oili Cul.1'~ ...>a;,;;t prices: Class B - 10%1 Class 0 - 207~ cPld Ulan]) " :30%.) y Includes payments due for 1946.,.1949 \\1hi0h will be made i~ the years 1950-1953 inclusive Q J/ It was assumed that secured bG."l':;'~i ·;~;j1.,::'d be retired at 70% of par and all other bonds at 50%. !±/ Includes $34, 916~ 000 of ulld:~sbur.:;;ed commitment which may be disbursed partly in dollars and partly in other currencies • .sJ This represents an authorization for $150,000,000 to be used for specific projects a Terms will be determined at the time the project is approved. It was assumed that the interest rate would be 3 1/2% and that in 1951 $40,000,000 would be disbursed to be repaid in 15 years; that in 1952 $60,000,000 would be disbursed, $30,000,000 to be repaid in 10 yearu and $30,000?000 in 20 years; and that in 1953 $50,000,000 would be disbursed, $25,000,000 to be repaid in 10 years and $25,000»000 in 15 years.  A-:j Deoember 22. 1950. (Authorized $31 million of $150 million Credit) The Board of Directors of the Export-Import Bank announced today that it bad authorized credits in favor of Naeional Ji'inaneiera. S.iL of Nlexico totaling $31 million under the $150 million earmark authorized August )1, 1950. These credits are designed to assist in financing three 'Projects associated "lith Mexico IS irrigation program and will bear interest at the rate of 3~% per annum and are to be amortized over a period of 15 years. The t}l million credit ",ill be used as follows: $18 million for the Falcon Dam and $1 million for the Anzalduas diversion dam, both on the Rio Grande, and $12 million for construction of an irrigation canal located in the Yaqui Valley. The Falcon Dam, which is the farthest downstream of the international storage dams to be constructed on the Rio Grande under the Water Treaty of February 3. 1944, entered into by the United States and Hexico. and as provided by the treaty, is the first of the international storage dams to be built. It will be located bet'l'leen Laredo and :aro,"msville at a point approximatdy 25 miles upstream from Rio Grande City, Texas. It will be ce.nstructed by the International ::Boundary and Water Co~~ission. United states and Mexico, as a multiple-purpose dam for con- servation of water, flood protection, and generation of power. The design was prepared by the United States Bureau of Reclamation on behalf of both countries. Ot.ltlet works for irrigaUon and power releases are to be located on each side of the river. Po"ler plants alsO on each side of the river \"1111 be located near the downstream toe of the dam and will be generally identical in construction and equipment. The dam will create a reservoir having a Volume of 4,085.000 acre feet and a surface area of 114.000 acres. Of the total reservoir volume, 785.000 acre feet represents uncontrolled flood control superstorage above the level of the top of the spill~my gates. The remaining 3.300.000 acre feet of volume represents controlled storage. It is estimated that the Falcon reservoir operating alone "lould provide an average annual yield of about 2 million acre feat for irrigation purposes. Mexico! s share of this water "lflould be 41.4 percent or 821,000 acre feet. Mexico pro]Qses to use this water to irrigate 194,000 additional hectares of land in the vicinity of Matamoros. The Anzalduas diversion dam is required in order to divert and utilize the controlled flo\'! "/hieh "dll "be available upon completion of the Falc<>n storage reservoir and will be lo~ated on the Rio Grande about 5~ miles northwest of Hidalgo, Texas. and Reynosa, Tamaulipas. The plan for the Anzalduas project has been prepared by the Mexican Ninistry of HydrauliC Resources. The Anzalduas diversion dam is essential to complete development of irrigation in the vicinity of Matamoros and the utilization of irrigation releases from the Falcon dam. The large Anzalduas canal .now being constructed by Mexico "Till depend o.n the proposed dam for its water supply. Development of irrigation in the Yaqui Valley of Southeast Sonora bas been under way since early in the century. At present 117.000 hectares are irrigated from the flO'iJ'l as no", controlled by the Angostura dam, ,,'hleh was completed in 1942 . . , ., .. / ...  A-J eontld. - 2. - In recent years. hO'\;lever, the 1I1ater supply has been insufficient for the area under cultivation. Late in 1947 the !1inistry of Hydraulic Resources of the Government of (,lexico initiated construction Of the ~1.lvaro Obregon dam on the Yaqui River at El Oviachi. 40 kilometers upstream from eiudad Obregon. The storage to be pro- vided by this dam 1tlillnot only assure a dependable water supply for the 117,000 hectares already developed but 1;1111 permit the irrig<>,tion of 103.000 hectares of additional land. It will also permit, at some future date, the generation of electric energy at both the Alvaro Obregon and Angostura dams. In order. to utilize the increased ",ater supply from the Alvaro Obregon dam to irrigate the additional 10J,OOO hectares of land i t "rill be necessary to construct a new main canal and associated distribl.ltiou system and road nehlork. The Yaqui project., \1hen completed, will benefit an estirre.ted 550,000 acres of land. of "'hioh 292,000 acres now receive intermittent irrigation and 258,000 acres are not nOli! cultivated because of lack of water.