REPAYMENT PROBLEM
Warning By Bank fN Z. Press Association) WELLINGTON, Sept. 8. Though New Zealand's external deficit might be eliminated sooner than expected, the Government still faces the problem of further repaying —or re-financing by long-term borrowing—the considerable volume of short-term overoverseas debt incurred over the last three years. This warning came from the Bank of New Zealand directors in their annual report to Parliament. The report said that of the Sl4l million International Monetary Fund drawings since November, 1965. $63 had been repaid by May this year. “But refinancing will not be easy, particularly in view of restrictions of overseas lending by the United Kingdom and the United States,” it said. “In these circumstances, and in view of the likely trend in export receipts and import payments, premature measures to stimulate the economy would quickly lead to a deterioration in the externalpayments position.”
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Press, Volume CVIII, Issue 31780, 10 September 1968, Page 7
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144REPAYMENT PROBLEM Press, Volume CVIII, Issue 31780, 10 September 1968, Page 7
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