NZ will give to $1 trillion bailout – if asked: Govt

If called upon New Zealand will contribute to the International Monetary Fund (IMF) as part of historic agreement to pump US$1 trillion ($1.8 trillion) into the global financial system and economy, Finance Minister Bill English said today.

Leaders from the G20 countries have signed off on a six-point deal after holding crunch talks in London.

The rescue package includes an extra US$1 trillion to restore credit, economic growth and jobs as well as a trebling of money for the IMF.

Mr English told National Radio that New Zealand was willing to play its part in the deal.

"If you break it down there's some for the trade, financing package, but by far the biggest number is the trillion dollars that they are going to be putting into the IMF," Mr English said.

"That is essentially the bailing out countries that are getting in real trouble. That won't benefit us directly because we are not going to get into real trouble.

"But to the extent those measures lift confidence then we will benefit because our economic growth is going to be directly related to confidence and economic growth in our trading partners."

New Zealand was not in the G20 because it was too small, but had always contributed to the IMF.

"That will continue and we are yet to see whether we will be called on to make more...we would be open to it if this is a global effort to try and restore confidence."

- NZPA