Federal guarantees of 936 loans extended. (Internal Revenue Code exemption for United States corporations investing in Mexico)

Existing loan guarantees and those in works in Caribbean were to be authorized; new guarantees were to be cut off

WASHINGTON -- The Bush administration extended federal guarantees which were scheduled to be terminated next month for 936 loans to Caribbean countries, despite reported opposition from the Office of Management and Budget.

After issuing regulations authorizing Overseas Private Investment Corp. (OPIC) and Agency for International Development (AID) loan guarantees, the Treasury Department, under pressure from White House Budget Director Richard Darman, announced July 2, 1991, that existing loan guarantees and those in the pipeline would be …