The Mexico Fund, Inc.
Report of Independent Public Accountants

To the Shareholders of
The Mexico Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of
The Mexico Fund, Inc. (a Maryland Corporation), including the schedule
of investments, as of October 31, 2000, and the related statement of
operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the six years in the period ended
October 31, 2000.  These financial statements and the financial highlights
are the responsibility of the Fund's management.  Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  Our procedures included confirmation of
securities owned as of October 31, 2000, by correspondence with the
custodians and brokers.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of The Mexico Fund, Inc. as of October 31, 2000, the results of its
operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for
each of the six years in the period ended October 31, 2000, in conformity
with generally accepted accounting principles.

                                                          ARTHUR ANDERSEN


New York, N.Y.
November, 2000