Debt long-term—Minister
By
PATTRICK SMELLIE
in Wellington
New Zealand was likely to maintain a balance of payments deficit for some years, the Minister of Finance, Mr Caygill, told a business audience in Wellington last evening. “I think it is reasonable to expect New Zealand to be a net importer of capital for some years, reflecting the development opportunities that exist here,” he said. . . ... In spite of recent revisions which
raised the balance of payments deficit about $1 billion, it was still continuing to fall, he said. This was because all the figures back to 1982 had been similarly revised. In addition, the deficit now reflected decisions by private enterprise to borrow offshore rather than new Government borrowing. “What counts is not the over-all debt incurred, but the wisdom of those decisions,” he said. “Will they generate sufficient future income to pay off the borrowing involved?”
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Press, 22 November 1989, Page 9
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145Debt long-term—Minister Press, 22 November 1989, Page 9
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