Williams Andrew: International Finance Agreements Amendment Bill — In Committee 
Text is incorporated into the Bound Volume 
Williams Andrew: International Finance Agreements Amendment Bill — In Committee 
[Sitting date: 19 February 2013. Volume:687;Page:7952. Text is incorporated into the Bound Volume.] 
ANDREW WILLIAMS (NZ First) 
: 
 I take a call on behalf of New Zealand First on the International Finance Agreements Amendment Bill. Likewise New Zealand First will be supporting this bill but we similarly do have some concerns about the aspect that this bill will go straight through to the Executive Council for future approvals rather than coming back to Parliament. That is somewhat concerning and we would like to see that changed because we feel that the people of New Zealand deserve to see any international agreements of this nature at least brought back to the people’s House for confirmation rather than it being done behind closed doors in the Executive Council. 
However having said that New Zealand First does appreciate the fact that we have to play our part with the International Monetary Fund and changing the International Finance Agreements Act 1961 to provide for us to become a member of the Multilateral Investment Guarantee Agency which this bill is putting forward does make sure that we are part of the club that we are part of the worldwide global team that is overseeing the international monetary situation. 
In this bill it is noticeable that it has taken quite a number of years to get to this point. The IMF governors first considered this back in 2008 and 2010. We are now in 2013 so it has taken a considerable amount of time to get to this point. As we have heard from other speakers it does require the ratification of 85 percent of the members for this to go forward and we do certainly hope that that is forthcoming in the relatively near future amongst all the member countries so that this can be enacted. 
In terms of this we realise that this also has a big impact on developing countries and helping to balance the world scene in terms of assistance from the IMF through developing countries. New Zealand of course wants to play its part as a developed country and as part of the OECD in terms of what that assistance and that support provided through the IMF means for the development of the global economy. New Zealand has always been an international player and abides by its international obligations. 
These are uncertain times globally and many of our major markets and many of our major allies and trading partners are going through difficult times. There are problems financially and politically in areas like Europe the United States parts of Asia and other areas where we trade so it is even more important that a body such as the IMF is able to step in and assist in the different economies where stability is required where the world economy does depend on there being a level playing field and an ability for all countries to participate in a reasonable manner for the betterment of their individual countries and their peoples. 
It is interesting to note however that the National Government is supporting this bill and putting this bill forward while on the other hand dismissing other recommendations of the IMF. It would seem that it would like to hunt with the hare and go with the hounds as they say in terms of the IMF also suggesting to New Zealand that the New Zealand dollar is overvalued by some 10 to 15 percent. I think Mr Chairperson you were in the Chair last time when you picked me up on the same point and said that I was getting off the point of the bill. My point last time when I spoke on this bill was the same which was to say that while New Zealand is participating with the IMF it should be a two-way street. We should also listen to some of the advice from the IMF in respect of the New Zealand dollar being overvalued and perhaps next time the IMF does visit New Zealand—and it does regularly send its representatives here—we would hope the Reserve Bank Treasury and the Minister of Finance would take heed of some of its suggestions— 
The CHAIRPERSON (Eric Roy) 
: Come back to the bill. 
ANDREW WILLIAMS 
: —in that area. Getting back to the bill as— 
The CHAIRPERSON (Eric Roy) 
: Please do. 
ANDREW WILLIAMS 
: —I said we hope that the New Zealand Government in putting this bill through when it finally does come on board will also recognise the fact that the Parliament of this country is the ultimate determiner of legislation. It is the representative place of the people of New Zealand. We certainly hope that we do not see in future years any back-door arrangements going through in respect of this legislation and in relation to New Zealand’s commitments to the IMF that we could not put hand on heart in this Chamber and say that this was in the interests of New Zealand. We must always put New Zealand first—[ 
Bell rung 
] As we— 
The CHAIRPERSON (Eric Roy) 
: Order! The member has got to call for another call.