[asia-apec 1593] NZ Finance Minister Michael Cullen on IMF-WB meeting

[APEC Monitoring Group]

 Cullen Ready For IMF And World Bank Meeting
Friday, 22 September 2000, 11:26 am
Press Release: New Zealand Government


The Commonwealth Finance Ministers meeting has been an important preparation
for the IMF and World Bank meetings in Prague next week, Finance Minister Dr
Michael Cullen said today from Malta
“There is a very strong level of agreement amongst Commonwealth Finance
Ministers about the need for changes in the operations of the IMF and World
Bank to avoid as far as possible economic crisis and to resolve them when
they occur.

“The position adopted by Commonwealth Finance Ministers in Malta is
consistent with the voluntary action plan approach steered through the APEC
Finance Ministers Meeting by New Zealand. Greater transparency and
surveillance and effective standards to those ends need to be developed.

“At the same time, the Commonwealth Finance Ministers have taken a strong
line on the need for the process of globalisation to work in the interests
of developing countries as well as the developed and in the interests of the
poor as well as the rich.

“It was particularly pleasing to see the unanimity on these matters between
the developed countries in the Commonwealth, including New Zealand, and the
developing countries who form the great majority of Commonwealth nations.
What was equally clear was that the developing nations in no way wished to
oppose globalisation itself.

“There were also clear calls, strongly backed by New Zealand, for moves
towards increasing global free trade to work more effectively in the
interests of primary producing countries. Here the interests of New Zealand
and developing countries are identical and we will continue to work together
in pursuing them.

“Finally, Commonwealth Finance Ministers have agreed to adopt collaborative
and cooperative approach to addressing the questions of harmful tax
competition and money-laundering. There was deep concern that recent OECD
initiatives in these areas had been insufficiently consultative. New Zealand
has offered to work with the small Commonwealth countries in the
Asian-Pacific on these matters,” Dr Cullen said.

During the course of the Commonwealth Finance Ministers meeting, Dr Cullen
also had bilateral discussions with Melanie Johnson, UK Economic Secretary
and the Malaysian Deputy Minister of Finance, Datuk Dr Haji Shafie Mohd
Salleh.