Minister Morneau Concludes Productive G7, G20, IMF, and World Bank Meetings
April 18, 2020 - Ottawa, Ontario - Department of Finance Canada
Canada continues to engage and coordinate with international partners to take measures that safeguard public health and ensure economic stability.
This past week, Minister Morneau participated in productive virtual meetings of the G7 and G20 Finance Ministers and Central Bank Governors. In particular, he and his colleagues endorsed the G20 Action Plan – Supporting the Global Economy through the COVID-19 Crisis. As part of the Action Plan, G20 members committed to a coordinated, time-bound suspension of official bilateral debt service payments for the world’s poorest and most vulnerable countries, including many Small Island Developing States. This will provide meaningful fiscal capacity that can support their health and social sectors during the COVID-19 outbreak.
Minister Morneau also took part in the virtual 2020 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG). At the International Monetary and Financial Committee, he and his colleagues approved a number of changes at the IMF that will strengthen its ability to meet the urgent financing needs of vulnerable countries and support global economic stability. He also announced an intention to extend a new $1 billion loan to the IMF’s Poverty Reduction and Growth Trust, which funds interest-free loans to low-income countries. At the Development Committee, he indicated Canada’s strong support for the COVID-19 Debt Service Suspension Initiative, and urged all bilateral and private creditors to participate in this initiative, noting that debt sustainability and transparency are essential preconditions to inclusive and sustainable growth.
“COVID-19 is a global crisis that requires global collaboration. This week’s discussions with G7, G20, the IMF and the World Bank Group colleagues resulted in co-ordinated help for vulnerable countries to address the pandemic, notably by suspending all official bilateral debt service repayments. Canada also announced a new $1 billion loan commitment to help the IMF meet the urgent financing needs of low-income countries. Canada will continue to take necessary action at home, and with international partners, to mitigate economic impacts and make sure that we are well-positioned to bounce back when this crisis passes. We are all in this together.”
- Bill Morneau, Minister of Finance
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Office of the Minister of Finance
Department of Finance Canada
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