Australia's Swan named world's top finance minister

Australian Treasurer Wayne Swan has been named Euromoney's Finance Minister of the Year for his work in steering the country through the global financial crisis. The accolade was bestowed by the London-based finance and banking publication with the Labor politician due to receive the award at a ceremony in Washington on Sunday ahead of a meeting of the International Monetary Fund. Mining-driven Australia weathered the global downturn without entering recession thanks largely to the resilience of key export markets such as China. It is only the second time an Australian has won the award in its 29-year history, with Paul Keating the other recipient in 1984. In a statement, the magazine said Swan was chosen for his "careful stewardship" of Australia's finances and economic performance both during and since the global financial crisis. "Throughout that time, Australia has not only avoided falling into recession, but has been the best performing of the world's developed market economies," Euromoney said. "Australia's position within the global financial community has never been stronger than it is today." World Bank president Robert Zoellick said is was a "significant and deserved" honour, and a "tremendous achievement" under tough economic conditions. "Australia's economic fundamentals are strong, strengthening Wayne Swan's global influence," he said.