The Honourable Jim Flaherty, Minister of Finance, today tabled in Parliament two annual reports detailing Canada's leadership role and ongoing priorities in vital international financial institutions: Canada at the IMF and World Bank—Report on Operations Under the Bretton Woods and Related Agreements Act and Canada at the European Bank for Reconstruction and Development—Report on Operations Under the European Bank for Reconstruction and Development Agreement Act.
"While these institutions have played an influential role in the global economy since their inception, their importance has only grown during the current synchronized global recession," said Minister Flaherty. "These documents provide parliamentarians and all Canadians with a comprehensive summary of the influential role Canada is playing on the world stage in building the more effective, more innovative and more representative institutions we need to combat the global financial crisis."
Canada at the IMF and World Bank contains a summary of Canada's engagement at the two Bretton Woods Institutions. It also includes a full section on the International Monetary Fund (IMF) and World Bank's responses to the financial and food and fuel crises, with a focus on the role Canada has played throughout. Building on the many improvements introduced last year, the 2008 report covers priority areas for Canada, including IMF and World Bank reforms, institutional effectiveness and sustainable poverty reduction and growth. For the first time, the report assesses Canada's progress and challenges in pursuing its medium-term priorities at these institutions. It also identifies new government objectives for 2009–2011 given long-held Canadian principles and the ongoing global economic crisis.
Similarly, Canada at the European Bank for Reconstruction and Development includes a section on the EBRD's response to the financial crisis. The report also provides an assessment of the progress made towards such EBRD objectives as: ensuring the EBRD continues to focus on an effective transition towards open, market-oriented economies in Central and Southeastern Europe during the global economic crisis; promoting good governance and accountability; and promoting environmental sustainability and gender equality in EBRD projects. The report describes Canadian priorities for the institution and assesses the progress made in 2008 in reaching those goals, a time when the EBRD was taking on a more important and more demanding role.
Both reports can be viewed free of charge on the Department of Finance website.
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Chisholm Pothier
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