New Zealand is extending a US$1 billion stand-by loan facility to the International Monetary Fund to deal with any significant disruption to the global economy, its finance minister said on Tuesday.
Bill English sad the extra IMF commitment will be called on if needed and no funds will be provided immediately. New Zealand joins other countries which pledged more funds to the IMF earlier this year.
\"New Zealand is one of the most indebted developed countries in the world and has a significant proportion of its economy involved in trade, so it\'s important that we support institutions like the IMF,\" English said in a statement.
\"As a small, open economy, we benefit significantly from a stable and prosperous global economy.\" He said many countries including the United Kingdom, Australia, Japan, Singapore and the euro zone countries have already announced extended commitments to the IMF, and there were likely to be more contributions announced around this week\'s G20 meeting.
Bill English sad the extra IMF commitment will be called on if needed and no funds will be provided immediately. New Zealand joins other countries which pledged more funds to the IMF earlier this year.
\"New Zealand is one of the most indebted developed countries in the world and has a significant proportion of its economy involved in trade, so it\'s important that we support institutions like the IMF,\" English said in a statement.
\"As a small, open economy, we benefit significantly from a stable and prosperous global economy.\" He said many countries including the United Kingdom, Australia, Japan, Singapore and the euro zone countries have already announced extended commitments to the IMF, and there were likely to be more contributions announced around this week\'s G20 meeting.