21 Mar 2012

NZ pays $10m towards latest IMF bailout

9:02 pm on 21 March 2012

New Zealand has contributed $10 million to the latest bailout of Greece through an International Monetary Fund lending programme.

Nearly $100 million of New Zealand taxpayer money has now been paid through the programme for the bailouts of Greece and Portugal.

The payouts follow the Government's decision in 2010 to lend up to $1.3 billion to the fund if it was needed.

That top up was part of a $550 billion boost to the IMF in the wake of the global financial crisis.

Since then the IMF has called on New Zealand for $87 million of that money for its bailout of Portugal with the European Union.

Another $10 million was handed over earlier this week as part of the Fund's second bailout of Greece.

The contributions are repayable by the IMF and earn interest.