By Emily Kaiser and Lesley Wroughton

WASHINGTON, April 26 (Reuters) - The swine flu outbreak is not yet severe enough to shake global markets, but finance leaders and investors said on Sunday they were keeping a watchful eye, mindful a pandemic in the midst of a recession could be catastrophic.

The World Bank agreed to $205 million in loans for Mexico, where the flu has killed as many as 81 people. Mexican Finance Minister Agustin Carstens said the flu could have an "important impact" on his country's economy, although it was too soon to say how it would play out. [ID:nN26482522]

"This issue can have an important impact on the economy, although the most important impact is the one on human life and human well being," he said at a news conference at the conclusion of a World Bank meeting in Washington that was unrelated to the flu outbreak.

"At this stage, without ignoring that this is a very serious matter and it has a high potential for disruption, I would say that it's early to give a more concrete opinion," Carstens added.

In the neighboring United States, where 20 cases of swine flu had been diagnosed, White House spokesman Robert Gibbs said it was "probably far too early to determine" whether the outbreak would set back an economic recovery.

European Central Bank Governing Council member Ewald Nowotny, asked by Reuters whether the outbreak would impact the global economy, said: "I don't think so but I don't have enough factual information to give a qualified answer to that."

The obvious initial financial impacts would be felt on travel and tourism companies, health care stocks, and pork producers, even though there is no evidence that any of the flu cases stemmed from contact with pigs. [ID:nN26403255]

"This comes at a bad time for the global economy -- it's exactly what we don't need," said Justin Urquhart Stewart, director of Seven Investment Management in London. "It's rubbing salt into an already unpleasant wound."