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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE ALAN M. MANDEL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890340
<NAME> THE EMERGING MARKETS INCOME FUND INC
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 71,867,683
<INVESTMENTS-AT-VALUE> 86,713,091
<RECEIVABLES> 20,791,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12,903
<TOTAL-ASSETS> 107,517,380
<PAYABLE-FOR-SECURITIES> 9,981,719
<SENIOR-LONG-TERM-DEBT> 20,000,000
<OTHER-ITEMS-LIABILITIES> 662,089
<TOTAL-LIABILITIES> 30,643,808
<SENIOR-EQUITY> 3,512
<PAID-IN-CAPITAL-COMMON> 48,724,585
<SHARES-COMMON-STOCK> 3,512,134
<SHARES-COMMON-PRIOR> 3,512,134
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 2,523,382
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 845,378
<INTEREST-EXPENSE> 1,328,063
<GROSS-EXPENSE> 2,523,382
<AVERAGE-NET-ASSETS> 70,511,589
<PER-SHARE-NAV-BEGIN> 18.04
<PER-SHARE-NII> 2.10
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<PER-SHARE-DIVIDEND> 0
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</TABLE>
October 15, 1997
To the Shareholders and Board
of Directors ofThe Emerging Markets
Income Fund IncIn planning and
performing our audit of the financial
statements of The Emerging Markets
Income Fund Inc (the "Fund") for the
year ended August 31, 1997, 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 August 31, 1997.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.
PRICE WATERHOUSE LLP
