Finance Minister to visit financial capitals

Finance Minister Bill English will outline the Government's plan for economic recovery to international lenders during visits to Tokyo, New York and Boston next week.

Mr English will visit the cities between August 31 and September 6 with officials from the New Zealand Debt Management Office.

"The Government has a large borrowing programme ahead of it over the next few years," Mr English says.

"The aim of this trip is to assure international lenders that the Government has a realistic plan to control debt, lift growth and rebalance our economy towards greater investment and exports. Taken together these measures will put New Zealand on the road to recovery."

Based on Treasury's Budget 2009 forecasts the Government will have to borrow about $40 billion over the next four years to fund budget deficits.

"Governments all over the world are going to the market to borrow large sums to support their economies. To secure the funds we need to make sure we are out there telling our story.

"I'll be reminding investors that New Zealand's economic fundamentals are sound, our Crown debt is relatively low and we are well positioned to come out of the recession ahead of comparable nations."

Mr English and NZDMO officials will meet representatives from major financial institutions in all three cities. They will also meet senior ratings agency representatives.

In addition, Mr English will meet the chairman of the Bank of Japan, directors of New York's Federal Reserve and leading business people and economists.