Nomination of Australian Alternate Executive Director to the European

Bank for Reconstruction and Development

The Treasurer, the Hon Peter Costello, MP, today announced the nomination

of Mr Gary Johnston, a senior official with the Commonwealth Treasury,

to the position of Alternate Executive Director of the European Bank for

Reconstruction and Development (EBRD) in London for a term of three years.

Mr Johnston will assist the Executive Director in representing a constituency

of countries within the EBRD, the members of which are: Australia; Egypt;

Korea; and New Zealand.

Australia has been a member of the EBRD since it was established in 1991

to assist the countries of central and eastern Europe in the transition

towards market economies by investing in projects in both the private

and public sectors.

In the 2000-01 Budget, the Government agreed to Australias participation

in the General Capital Increase of the EBRD, which has experienced an

increasing demand for resources, including from the war in Kosovo and

developments in Russia. This demonstrates Australias active support for

the region, as well as Australias commitment to the ongoing development

of the international economy as whole. It also follows on from Australias

assistance to the victims of the Kosovo crisis.

Mr Johnstons main duties will be to assist in the governance of the

Bank, including through consideration of a wide range of policy issues

and EBRD loan and investment proposals considered by the Executive Board.

Mr Johnston has extensive experience in the work of international financial

institutions (IFIs), including the EBRD, through his current role as Chief

Adviser – International, within the Treasury where he has provided oversight

of the strategic direction and policy development of international issues

of key interest to Australia. He was previously General Manager of the

International Finance Division, which is the division responsible for

Australias involvement in the IFIs, and was Treasurys senior representative

to the Australian Embassy in Washington.

29 June 2000

CANBERRA