Bankers ‘bullish’ on N.Z.—P.M.

Press, 7 October 1980, Page 2

Bankers ‘bullish’ on N.Z.—P.M.

NZPA New York World bankers were “genuinely bullish” about the prospects for the New Zealand economy over the next decade, said the Prime Minister (Mr Muldoon) after a series of corridor talks at last week’s international finance meetings in Washington.

“Once our energy development programmes come on stream they see us as being an energy-rich country in very good economic shape,” he told NZPA.

Mr Muldoon said he had talked to private bankers from Britain, West Germany, Japan and the United States during the week-long annual meeting of the World Bank and the International Monetary Fund. “Without exception they are optimistic about our future, supportive and keen to be involved.”

Although international money markets would be “chaotic” for some time, New Zealand would have no difficulty continuing to borrow to cover its deficits, he said. “We know where we can go, and get it at the right rates.” Mr Muldoon said he was

much more worried about the economic situation of many other countries than he was about New Zealand. “Nothing I heard in Washington makes me optimistic about the international economic situation,” he said. “But we will be in better shape than many countries. “As far as borrowing is concerned, the consensus is that we will be able to get

what we want on acceptable terms, because we are not under great pressure and can pick our time when the market is suitable.” At a briefing with the Central Intelligence Agency before leaving Washington, Mr Muldoon arranged to receive a series of global economic intelligence reports. “They have a great deal of information on the economic situation in countries of importance to us. This will help our economic thinking.” he said. Mr Muldoon arrived in New York from<yWashington on Saturday on the last stages of his 61-week overseas tour.

After a quiet week-end in New York during which he went to the theatre and an American football match, Mr Muldoon spoke to the influential Foreign Policy Association yesterday and will address the United Nations General Assembly today. He will also have talks with Secretary-General of the United Nations (Dr Kurt Waldheim) and a number of Foreign Ministers in New York for the General Assembly session.