INTERNATIONAL

Mexico to Reduce Its Dependence on IMF: Finance Ministry sources said the country would not draw on about $1.7 billion in International Monetary Fund monies available to it this month because it can obtain funding in world financial markets at lower rates. Economists welcomed Mexico’s show of confidence that it can continue to fulfill its needs privately and said the move will lead to lower interest rates for the country as a whole as well as for Mexican firms. The IMF promised Mexico about $17.8 billion in February as part of a $37.8-billion, U.S.-led rescue package at a time when Mexico was on the brink of defaulting on its dollar-denominated debt. Last month, however, the country was able to borrow $1 billion in the Eurobond market, and it pulled off a $1.02-billion Japanese market bond deal. The last IMF disbursement was June 30, when it approved $2 billion for Mexico.