9 December 2002 Media Statement

IMF appointment

Michael Reddell has been appointed an Alternate Executive Director of the International Monetary Fund, Finance Minister Michael Cullen announced today.

“Mr Reddell has a wealth of experience that equips him ideally to join the Executive Board of the IMF. I am confident he will serve both New Zealand and the Fund well.

He will represent the views of a constituency of 14 countries at the IMF: New Zealand, Australia, the Republic of Korea, the Philippines, Mongolia, the Solomon Islands, Papua New Guinea, Samoa, Kiribati, the Marshall Islands, Micronesia, Palau, the Seychelles, and Vanuatu.” Dr Cullen said.

Currently Head of Financial Markets at the Reserve Bank of New Zealand, Mr Reddell has a strong background in macroeconomics. He has worked on IMF missions and was an economic advisor in Papua New Guinea (1985-87) and Zambia (1993-95).

“He faces a major challenge, but also has an unprecedented opportunity. The next few years must see strong progress in strengthening the international financial system and improving financial crisis prevention in emerging economies, while making the framework for crisis resolution more predictable.

“The international community must make real its commitment to the elimination of poverty, the promotion of development, increased financial stability, and stemming the flow of funds that support terrorism.

Our Constituency’s Executive Director, Mike Callaghan, an Australian, made the appointment on Dr Cullen’s recommendation. Mr Reddell will take up his two-year appointment in Washington, DC on 1 March 2003. He will succeed Diwa C. Guinigundo, of the Philippines.

Fact sheets about New Zealand and the IMF are available at the Treasury’s web site: (www.treasury.govt.nz/ifi/nzinvolvement/); and at the IMF’s web site: (www.imf.org/external/country/NZL/index.htm).

ENDS

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