19 Jun 2012

NZ taxpayers offer total of $4 billion to IMFl

8:02 pm on 19 June 2012

New Zealand taxpayers are offering a further $1.26 billion dollar "standby loan" to the International Monetary Fund, to help it tackle any significant disruption to the global economy.

Finance Minister, Bill English, says the money will only be called on if the IMF needs it, and any money it does draw down will be paid back with interest.

Mr English says it's important that New Zealand supports institutions such as the IMF.

The latest pledge takes New Zealand's total potential lending to the IMF to just over $4 billion, of which about $320 million has so far been drawn down.