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Finance minister: New Zealand to benefit from G20 deal
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15:58, April 03, 2009

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New Zealand will benefit from the economic stimulus package agreed at the G20 summit, Finance Minister Bill English said on Friday.

World leaders in London on Thursday agreed to spend 1.1 trillion U.S. dollars to strengthen the global economy and to toughen up regulations on banks, hedge funds and tax havens.

Other measures include injecting about 250 billion dollars to boost global trade.

English said this will lift the confidence of New Zealand's trading partners, to the benefit of this country.

He said New Zealand has always contributed money to the International Monetary Fund (IMF) and could well be asked to contribute more in the future.

If called upon, New Zealand will contribute to the IMF as part of historic agreement to pump 1 trillion U.S. dollars into the global financial system and economy, the finance minister said.

English said New Zealand was willing to play its part in the deal.

"But to the extent those measures lift confidence then we will benefit because our economic growth is going to be directly related to confidence and economic growth in our trading partners," Radio New Zealand quoted him as saying.

New Zealand was not in the G20 because it was too small, but had always contributed to the IMF, he said.

"That will continue and we are yet to see whether we will be called on to make more...we would be open to it if this is a global effort to try and restore confidence," he said.

Source: Xinhua



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