Bill Clinton: “Mr. Chairman, Mr. Secretaries, Mr. Camdessus, President Wolfensohn, to the governors of the International Monetary Fund…”

“Mr. Chairman, Mr. Secretaries, Mr. Camdessus, President Wolfensohn, to the governors of the International Monetary Fund and the World Bank Group, honored guests: On behalf of the United States, it's an honor to welcome you to Washington for your 50th annual meeting. And I am especially pleased to have the opportunity to speak to this group at a moment when you can see the fruits of your labors. Ordinarily, accomplishments of great institutions like these come slowly. Yet, today the visit of President Zedillo of Mexico reminds us that in only 9 months, with the help of the international community, Mexico has pulled back from the brink of financial disaster. After one of the most severe financial emergencies in the postwar era, Mexico again is on the road to stability and growth. The Mexican stock exchange has recovered. Inflation is stable. Interest rates are down. International markets have been reassured. And most impressively, in only 7 months, Mexico was able to return to private capital markets. As you have heard, President Zedillo has announced that Mexico will begin repaying its short-term debt with a $700 million installment this month, well ahead of schedule. Mexico's success is a tribute first to President Zedillo's leadership, his courage, and his government's steadfast commitment to carry through tough economic reforms, though they have required great sacrifices from the Mexican people.…”