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Treasury officer's visit to Saudi Arabia



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TREASURER

EMBARGO N0

STATEMENT BY THE TREASURER, THE HONOURABLE JOHN HOWARD M.P.

TREASURY OFFICER’S VISIT TO SAUDI ARABIA

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I t i s . t r u e . a s r e p o r t e d i n t h e "Age" n e w sp a p e r t h i s m o r n in g ,

t h a t a s e n i o r o f f i c e r o f my d e p a r t m e n t w i l l v i s i t t h e

c a p i t a l o f S a u d i A r a b i a , R iy ad h , i n t h e n e a r f u t u r e f o r

t a l k s " w i t h an o f f i c i a l : o f t h e S au d i: A r a b i a n Monetary Agency,

I t i s l h o t E t r u e - t h a t s t h e T r e a s u r y ■ ;o f f i c i a l : w i l l b e c o n d u c t i n g

any n e g o t i a t i o n s f o r a l o a n on A u s t r a l i a ' s b e h a l f .

The p u r p o s e o f t h e v i s i t i s t o e s t a b l i s h p e r s o n a l c o n t a c t

b e tw e e n t h e T r e a s u r y and a s e n i o r o f f i c i a l o f t h e m o n etary

a g e n c y o f a f r i e n d l y c o u n t r y . T h i s s o r t o f c o n t a c t i s

r o u t i n e among s e n i o r government o f f i c i a l s i n w o r l d f i n a n c i a l

c i r c l e s ,

T h e r e i s no c x i r r e n t i n t e n t i o n on t h e p a r t o f t h e A u s t r a l i a n

Government t o s e e k a l o a n from S audi A r a b i a . At p r e s e n t o u r

i n t e n t i o n f o r o v e r s e a s b o r r o w i n g s f o r t h i s f i n a n c i a l y e a r

i s l i m i t e d t o r e p l a c i n g m a t u r i n g d e b t s o f a b o u t $500 m d l l i o n .

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