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           Proxy Statement Pursuant to Section 14(a) of the Securities
                      Exchange Act of 1934 (Amendment No. )


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                             THE MEXICO FUND, INC.
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               (Name of Registrant as Specified In Its Charter)

                             THE MEXICO FUND, INC.
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   (Name of Person(s) Filing Proxy Statement, if other than the Registrant)


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                                                FOR: The Mexico Fund, Inc.

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

FOR IMMEDIATE RELEASE
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                     ISS RECOMMENDS MEXICO FUND STOCKHOLDERS
                       VOTE FOR ELECTION OF DIRECTORS AND
                    AMENDMENT TO THE FUND ADVISORY AGREEMENT



WASHINGTON, D.C., March 27, 2003- The Mexico Fund, Inc. (NYSE: MXF) announced
today that Institutional Shareholder Services (ISS), the nation's leading
independent proxy advisory firm, has recommended to its clients that Fund
stockholders vote for both the election of Philip Caldwell and Jaime Serra Puche
to the Board of Directors and the amendment of the Investment Advisory and
Management Agreement, at the annual meeting of stockholders on Thursday,
April 3.

ISS provides detailed proxy recommendations that are relied upon by more than
700 U.S.-based institutional investment firms, mutual funds, and other fiduciary
organizations.

In reaching its decision to approve the new Investment Advisory and Management
Agreement, ISS noted in its March 26, 2003 report that:

"It is reasonable to expect that the Fund's future success lies with Impulsora
and that the fee increase is necessary given the new realities facing the
fund."*

and concluded:

"... without Impulsora and the new agreement, the Board would have difficulty
finding as knowledgeable an advisor at the same fee levels. ISS therefore
believes that the Board has been diligent and that an advisory fee increase is
the most practical solution for the fund going forward."*

For further information, contact Eduardo Solano, the Fund's Investor Relations
Vice President, 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.


* Permission to use quotations neither sought nor obtained.