World Bank May Aid N.D.C. Programmes

Press, Volume CIX, Issue 32117, 13 October 1969, Page 24

World Bank May Aid N.D.C. Programmes

(New Zealand Press Association) WELLINGTON, October 12. The World Bank might support some of the investment programmes recommended for New Zealand bv the National Development Conference, the Minister of Finance'(Mr Muldoon) said in Wellington today.

Mr Muldoon returned to New Zealand last night after three weeks attending a aeries of international finance meetings.

These included the annual meeting of Commonwealth Finance Ministers at Barbados, the International Monetary Fund, and the World Bank meetings in Washington. Mr Muldoon also addressed the Far East-America Council of Commerce and Industry Conference on Asia. Mr Muldoon said he had held talks with Mr Robert McNamara, president of the World Bank, and others on possible advances for future capital developments in New Zealand. No firm arrangements for more World Bank finance had been concluded. Any such loans would probably be only for specific projects. Mr Muldoon said he had consulted private American investment bankers who might be interested in investment in New Zealand, particularly in tourist facilities. He believed that his outspoken attack on American agricultural protectionism to an audience of American bankers, industrialists and business leaders in New York had been of benefit.

He said he had prefaced his remarks in New York by saying that since he was among friends he would speak frankly, and since he was a politician and not a diplomat, he would speak bluntly. “These were people used to plain speaking,” he said. “It was not part of a new, tough line, just some straight talking to people interested in the subject.”

His message had been particularly well received by the United States Deputy-Under-secretary of State for Economic Affairs (Mr N. Samuels). “He may be one of the best friends we have in the Administration,” Mr Muldoon said. The president of the Coca

Cola Corporation (Mr J. Farley), who was an influential Democrat, had also reacted favourably to the speech. It had been commended by the New Zealand Ambassador (Mr F. Comer) and the Australian Ambassador to the United Nations. Mr Muldoon added that the new special drawing rights soon to be issued by the I.M.F. should be of considerable benefit to New Zealand and of general benefit in freeing world trade. Prospects for greater international currency stability had improved recently. There had been a general feeling at the I.M.F. meeting that the French devaluation and the German floating of the mark had been executed brilliantly.