In the face of multiple and complex global challenges, we renewed our commitment to upholding the free, fair and rules-based multilateral system and elevated our engagement with international partners to new heights through an extensive dialogue to advance international cooperation and deliver prosperity for all. We highly valued the productive dialogue with Brazil, Comoros, India, Indonesia, the Republic of Korea, and Singapore. G7 members and Finance Ministers of these countries exchanged views on recent global economic developments and major challenges to foster robust and sustainable growth, and committed to jointly tackle a range of global economic challenges, fight poverty, and achieve strong, sustainable, balanced, and inclusive global growth.
Mr. Banga has the global experience and a commitment to advancing social and economic progress that will serve the World Bank well as it confronts the most pressing challenges facing today’s global economy.
The most pressing threat to the global economy remains Russia’s illegal full-scale invasion of Ukraine. In addition to the direct and deplorable impacts on millions of Ukrainians, Russia’s actions are compounding economic challenges for the world’s most vulnerable, exacerbating longstanding issues of poverty, income inequality, and food insecurity.
“Today I chaired the first in-person meeting of the “Five Finance Ministers” hosted at the U.S. Treasury, which included my counterparts from Australia, New Zealand, the United Kingdom, and the United States."
Canada and our constituency partners are firmly committed to supporting the government and people of Ukraine in their fight against Russia’s illegal invasion. Since February 2022, Canada has provided over C$8 billion in direct financial, military, and humanitarian assistance to Ukraine, and imposed strict sanctions on Russia and Belarus. Ireland has contributed bilaterally, via EU support, and through extensive support to refugees.
The Extended Fund Facility will provide Ukraine with US$15.6 billion over four years, which will help to sustain Ukraine’s economic and financial stability, and support its economic recovery, long-term growth, and reconstruction efforts. The Extended Fund Facility will also support Ukraine as it makes continued progress on the reforms required to attain accession to the European Union.
1. The representatives of the Group of Creditors of Ukraine held a meeting on 23 March 2023, in the presence of representatives of the International Monetary Fund and the World Bank, to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF programme for Ukraine, which would help to restore the country’s macroeconomic stability.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the following statement regarding Trans Mountain Corporation’s (TMC) update on the Trans Mountain Expansion Project
