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SIGNATURE C. WILLIAM MAHER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
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<OTHER-ITEMS-LIABILITIES> 3078928
<TOTAL-LIABILITIES> 4807952
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 12913231
<SHARES-COMMON-PRIOR> 12913231
<ACCUMULATED-NII-CURRENT> (121108)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (537687)
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1513689
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</TABLE>
To the Shareholders and Board of Directors of
The Emerging Mexico Fund, Inc.
August 7, 1998
In planning and performing our audit of the financial statements of
The Emerging Mexico Fund, Inc. (the "Fund") for the year ended June
30, 1998, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally,
control activities that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of any specific internal control components does not reduce
to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to
be material weaknesses as defined above as of June 30, 1998.This report
is intended solely for the information and use of management and the
Board of Directors of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
