Throughout 2022 and looking ahead to the new year, our commitment to supporting Ukraine remains unwavering. The G7 will continue to stand firmly with Ukraine for as long as it takes. We reiterate the statement made by our Leaders on 12 December 2022 and join them in condemning Russia’s war of aggression and the resulting tragic loss of human lives as well as Russia’s continuous inhumane and brutal attacks targeting critical infrastructure, in particular energy and water facilities, and cities across Ukraine. We have a moral imperative to help Ukraine resist Russia’s unprovoked assault – an assault which is also an attack on the underpinnings of the rules-based international system.
Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining the minimum qualifying rate for uninsured mortgages at its current level. This rate came into effect on June 1, 2021, and was reaffirmed on December 17, 2021.
With this decision today, we deliver on the commitment of G7 Leaders at their summit in Elmau to prevent Russia from profiting from its war of aggression against Ukraine.
Today HSBC Holding plc and the Royal Bank of Canada (RBC) have announced that they have concluded an agreement for the sale of HSBC Bank Canada (HSBC) to RBC, subject to the necessary regulatory approvals.
In our meeting on climate economics, we underlined our commitment to ambitiousclimate action and to promoting an orderly and just global transition towards net zerogreenhouse gas emissions. We were delighted to be joined by Nicholas Stern, AmarBhattacharya and Hans Peter Lankes for our discussion.
The pandemic and Russia’s invasion of Ukraine have highlighted the interconnectedness and fragility of our global food systems. Because of the war, we are experiencing the largest shock to the global food system since the 2008-09 food price crisis. Food price inflation is having a significant impact on food security around the world. We encourage the Bank to continue to help build resilient food systems through support to the intensification of climate-smart agriculture, improving energy use in food systems, sustainable agri-food value-chains, and overall better food system governance.
Global inflationary pressures continue to rise and are increasing costs of living and squeezing out the middle class. Extreme volatility has plagued commodity markets, increasing the cost of everyday goods including necessities such as food. The IMF must consider how best to assess and respond to growing global risks, many of which—including rising costs of food and fuel—have been exacerbated by Russia’s invasion of Ukraine.
We remain steadfast in our support for and solidarity with Ukraine. Equally, we remain united in our condemnation of Russia´s war of aggression against Ukraine and the tragic loss of life resulting from the war and reiterate the statement made by our Leaders on 11 October 2022.
