Remarks by the Deputy Prime Minister and Minister of Finance on the IMF and World Bank Spring Meetings

Speech

Good afternoon.

This week, I attended meetings of the IMF, the World Bank, the G7, and the G20, during which Canada discussed with its allies:

  • How we can work together to build resilient economies that create good jobs for people in Canada and around the world;
  • Opportunities for Canadian workers and businesses as we build the clean economies of the 21st century;
  • How to ensure our efforts to build our clean economies are complementary, rather than in conflict;
  • The impact of global inflation on people around the world;
  • The need to continue to take stronger action to fight climate change; and,  
  • What more we can do to support Ukraine and hold Putin and his criminal regime accountable for his illegal and barbaric war.

While in Washington, I have had productive bilateral meetings with:

  • Sergii Marchenko, Ukraine’s Minister of Finance;
  • Paolo Gentiloni, the European Commission’s Commissioner for Economy;
  • Jeremy Hunt, the British Chancellor of the Exchequer;
  • Kristalina Georgieva, the Managing Director of the IMF;
  • Shunichi Suzuki, Japan’s Minister of Finance; and,
  • Nirmala Sitharaman, India’s Minister of Finance.

I hosted a really valuable working lunch with a number of Canada’s partners from the Caribbean. These are countries that Canada is incredibly proud to represent at the IMF and World Bank.

We spoke about how Canada can support the countries of the Caribbean in enhancing their resilience to climate change, in attracting private capital to help create good jobs, and in building a more prosperous future for people throughout the Caribbean.

I also chaired a meeting of the Five Finance Ministers. That’s a group that includes Canada, Australia, New Zealand, the United Kingdom, and the United States. At our meeting, we discussed how we can work together to secure our economies from the risks of economic coercion by authoritarian regimes, including by working together to derisk our supply chains and to friendshore our economies.

I would also like to thank the IMF, and particularly the Managing Director of the IMF, Kristalina Georgieva, for last month’s launch of a new $15.6 billion Extended Fund Facility financing program for Ukraine. Historic and really important.

Canada was a strong and early advocate of this program, and it is an important step in united international efforts to provide critical financial support to Ukraine.

And just before I conclude, I would like to remind Canadians that the first quarterly Climate Action Incentive Payments of 2023 are being delivered, starting today.

For a family of four, this year, Climate Action Incentive payments will mean:

  • $976 in Ontario;
  • $1,056 in Manitoba;
  • $1,360 in Saskatchewan; and,
  • $1,544 in Alberta.

For people in Alberta, Saskatchewan, Manitoba, and Ontario, the first payments of the year will be in the mail or deposited directly into your bank account—starting today.

So thank you very much, and I look forward to answering your questions.

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