The IMF began disbursing $1.68 billion to Mexico.

The $1.68 billion is part of the $12-billion international rescue package intended to keep Mexico from defaulting on its foreign debts for the rest of 1986 and 1987. Disbursement of the credit came after the committee representing Mexico’s creditor banks announced that 90% of the banks had committed to participate in the banks’ $6-billion portion of the rescue package. The International Monetary Fund had required commitments from a “critical mass” of 90% of the banks before it would release its share of the $12-billion package.