13 Apr 2010

NZ agrees $1.3b financial crisis loan to IMF

3:01 pm on 13 April 2010

The New Zealand Government has agreed to lend the International Monetary Fund $1.3 billion if the world faces another financial crisis.

Finance Minister Bill English says New Zealand's commitment is part of a $550 billion expansion of the IMF's financial resources so it can better support the international financial system at times of crisis.

Mr English says New Zealand's contribution would only be called upon as a last resort.

He says though the Government does not have to pay any money now, the commitment will appear on the Government's books as a contingent liability later in the year.