FOR:   The Mexico Fund, Inc.

                                  CONTACT:   Eduardo Solano
                                             The Mexico Fund, Inc.
                                             011-52-55-5282-8900

                       INVESTOR RELATIONS:   Gordon McCoun
                                             Media: Brian Maddox

                                             Morgen-Walke Associates
                                             212-850-5600

FOR IMMEDIATE RELEASE
---------------------

               MEXICO FUND ANNOUNCES PRELIMINARY RESULTS OF FIRST
                            IN-KIND REPURCHASE OFFER

Washington, D.C., June 10, 2002 -- The Mexico Fund, Inc. (NYSE: MXF) announced
today that, based upon current information, 25,680,603 shares, equal to 56.5% of
the Fund's 45,456,232 outstanding shares of common stock, were submitted for
repurchase and not withdrawn in response to the Fund's in-kind repurchase offer
which expired on Friday, June 7, 2002 at 5:00 p.m. New York City time. The
number of shares submitted includes shares submitted for repurchase pursuant to
notices of guaranteed delivery.

Under the repurchase offer, the Fund offered to repurchase from shareholders up
to 100% of the Fund's issued and outstanding shares of common stock. The
repurchase price for shares submitted in the repurchase offer is 98% of the net
asset value per share of the Fund determined as of the close of trading on the
New York Stock Exchange on June 7, 2002, the expiration date of the repurchase
offer, equal to $17.94 per share. Assuming that all of the shares submitted for
repurchase are accepted by the Fund after verifying that the shares have met the
requirements for participation, the effect of the repurchase offer on the Fund's
net asset value for remaining Fund shareholders is to increase the net asset
value per share of the Fund from $18.31, the previous net asset value per share,
to $18.75 for purposes of the commencement of trading of Fund shares today.

These numbers are preliminary and are subject to adjustment as the Fund verifies
that all requirements for participation have been met by each shareholder
submitting shares, including submission of information regarding a securities
account with a Mexican securities broker or custodial account with a Mexican
bank which has been established by participants for receipt of the proceeds of
the repurchase offer. Failure by a shareholder submitting shares to meet the
requirements for participation will constitute a defective submission and the
Fund will be unable to repurchase the submitted Fund shares.

The Fund anticipates making payment for Fund shares accepted for repurchase as
promptly as practicable. Since the Fund has offered to purchase up to 100% of
the Fund's outstanding shares, there will be no proration of Fund shares
accepted for repurchase.

                                    - MORE -



This repurchase offer was the first offer conducted through the Fund's quarterly
in-kind share repurchase policy. The Fund anticipates that future repurchase
offers will be scheduled to occur in conjunction with the Fund's fiscal quarters
with the next such offer occurring during the Fund's fourth fiscal quarter,
which ends October 31, 2002. Shareholders were not required to participate in
the repurchase offer and can continue to purchase and sell Fund shares in cash
transactions on the New York Stock Exchange. The repurchase offer is not a
liquidation of the Fund.

For further information, contact the Fund's Investor Relations office at
011-52-55-5282-8900, or by email at investor-relations@themexicofund.com.

The Mexico Fund, Inc. is a non-diversified closed-end management investment
company with the investment objective of long-term capital appreciation through
investments in securities, primarily equity, listed on the Mexican Stock
Exchange. The Fund provides a vehicle to investors who wish to invest in Mexican
companies through a managed non-diversified portfolio as part of their overall
investment program.

This press release may contain certain forward-looking statements regarding
future circumstances. These forward-looking statements are based upon the Fund's
current expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially from those
contemplated in such forward-looking statements including, in particular, the
risks and uncertainties described in the Fund's filings with the Securities and
Exchange Commission. Actual results, events, and performance may differ. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Fund undertakes no obligation to
release publicly any revisions to these forward looking statements that may be
made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The inclusion of any statement in this
release does not constitute an admission by The Mexico Fund or any other person
that the events or circumstances described in such statement are material.

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