New Zealand Embassy & Mission to the European Union, Brussels, Belgium

New Zealand extends commitment to IMF

New Zealand has joined other countries in extending its financial commitment to the International Monetary Fund so it has the capacity to deal with any significant disruption to the global economy.

The extra commitment, agreed by Cabinet yesterday, will be made through a US$1 billion (NZ$1.26 billion) standby loan facility, which will be called on if needed. New Zealand will not provide any funds immediately.

The IMF will repay New Zealand any amount it draws down, with interest. The extra resources will be available for all IMF members and will not be earmarked for any particular region.

“This is a significant contribution for New Zealand and represents our strong commitment to supporting international institutions like the IMF, Ambassador Vangelis Vitalis says.

“We are a small, open economy with a significant proportion involved in trade, including with the EU, our third largest trading partner.  As such we benefit from a stable and prosperous global economy.

“While we expect that Europe will continue to find solutions to its own problems, the IMF has a role in underpinning global certainty and we are committed to playing our part.”

In April, a number of G20 countries announced additional commitments to support the IMF in making bilateral loans if required. New Zealand was formally approached last week to confirm it would also support this programme.

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