Reuters has reported that New Zealand’s debt level is projected to reduce from the middle of the decade as the country’s economy recovers from the impact of the coronavirus, the finance minister said in a pre-budget speech on Tuesday.

“‘The levels of debt that we have taken on to save New Zealanders’ lives and livelihoods are projected to reduce from the middle of the decade. We are in a good position to handle the debt we have taken on’ the minister, Grant Robertson, said in the speech to the Wellington Chamber of Commerce.”

”The budget, which will be unveiled on May 20, will reprioritise NZ$926 million ($667 million) of funds that were previously allocated to responding to COVID-19, he said.”

NZD/USD holds the bid

Meanwhile, this has not impacted the bird in late North American trade today but the US dollar is under pressure.

NZD/USd is up some 0.64% on the day having travelled from a low of 0.7155 to a high of 0.7212.

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