LATIN AMERICA

The International Monetary Fund’s executive board agreed to disburse a $1.2-billion loan payment to Mexico, less than two weeks after the country saw its debt boosted to investment grade. The payment is the second installment of a $4.1-billion loan the IMF approved last year to safeguard Mexico’s economy from shocks caused by U.S. interest rate increases and market jitters caused by national elections. The approval comes only 10 days after Moody’s Investors Service increased its rating on Mexico’s foreign debt to a level above junk status for the first time, opening the country’s bonds to a broader pool of foreign investors.