MEXICO'S RESERVES REACH EIGHT BILLION DLRS Additional capital inflows of 1.5 billion dlrs so far this year have boosted Mexico's reserves to about eight billion dlrs, director of public credit Angel Gurria told reporters. Money has been coming back to Mexico because of improved investor confidence and because a tight monetray policy has forced credit-starved industries to repatriate capital. Inflows totalled a billion dlrs in fourth-quarter 1986. Gurria said Mexico is not accumulating reserves for the sake of it. He said its new loans will increase the pool of funds available for badly needed investment. Once the first tranche of its new six billion dlr loan is drawn down in the second quarter, Mexico will still only have enough reserves to pay for imports and debt service for four or five months, Gurria noted. Nevertheless, Gurria said Mexico does not expect to draw on the commercial banks' 1.2 billion dlr investment-support contingency facility. That money will be available until April 1988 if Mexico's export receipts and the price of oil fall below certain levels. But Mexico failed to qualify for the first two drawings totalling 451 mln dlrs, and Gurria said today, "We expect we'll never have to use it." Gurria said Mexico will know by June whether it can draw on the second contingency facility included in the bank financing package - a 500 mln dlr growth co-financing loan with the World Bank. Finance minister Gustavo Petricioli said he had signed yesterday a 250 mln dlr loan with the World Bank to support the development of exports of manufactured goods. He also said the first 250 mln dlr tranche of a one billion dlr loan from the Japanese government to support steel, oil and export promotion will be disbursed at the end of the month. Mexico is also due to make the third drawing from its International Monetary Fund standby credit in the next few days based on a successful review of end-1986 economic results. Petricioli said Mexico is in the final stages of discussions which will determine quantitative economic targets for 1987 which will allow it to continue to draw from the IMF for the rest of 1987. Petricioli reported that Mexico has so far concluded eight bilateral accords with government creditors within the Paris Club. Sixteen governments signed the Paris Club umbrella agreement last September, which restructured 1.8 billion dlrs of official debt, and Petricioli said he hopes to finalize pacts with the remaining eight countries in the next few weeks. In keeping with the spirit of the September agreement, he said all countries from the Organization of Economic Cooperation and Development have continued to provide export credit facilities for Mexico, despite the debt restructuring.