The Mexico Equity and Income Fund, Inc.

                 Form N-SAR Report for the Period Ended 01/31/03

Item 77-Q3

(i) Based on an  evaluation  of the  Disclosure  Controls  and  Procedures,  the
Disclosure  Controls and  Procedures (as defined in rule 30a-2(c) under the Act)
are adequately and effectively  designed to ensure that information  required to
be disclosed by The Mexico Equity and Income Fund, Inc. is recorded,  processed,
summarized and reported by the Filing Date, and that information  required to be
disclosed in the report is  communicated  to The Mexico  Equity and Income Fund,
Inc.'s management, as appropriate,  to allow timely decisions regarding required
disclosure.

(ii) There were no  significant  changes in The Mexico  Equity and Income  Fund,
Inc.'s  internal  controls or in other factors that could  significantly  affect
these  controls  subsequent to the date of their  evaluation,  and there were no
corrective  actions  with  regard  to  significant   deficiencies  and  material
weaknesses.