Prime Minister Stephen Harper continued to press his message to G-20 leaders this evening in London at a working dinner held at 10 Downing Street.
"We must pursue a focused agenda that addresses the serious state of the global economy," said Prime Minister Stephen Harper. "Canada has pursued unprecedented stimulus, removed barriers to trade and protected one of the strongest and best regulated financial systems in the World."
Canada stated its four priorities for the London Summit, recommending that leaders must address the following:
- Fixing the financial system to get credit flowing, including taking action on impaired assets and ensuring sufficient capitalization of financial institutions.
- Implementation of coordinated stimulus activity in an effective and expedited manner.
- Avoiding protectionism and strengthening trade and investment flows, including concrete steps to further open-up global trade. Canada is urging member countries to task the World Trade Organization to report on contraventions to this pledge.
- Strengthening financial market regulation through sound domestic regulation complemented by international coordination and monitoring. Canada's contribution to Working Group 1 has provided a clear blueprint for this regulatory change.
At the G20 leaders' summit Prime Minister Stephen Harper and Finance Minister Jim Flaherty today announced new measures to strengthen the international financial system to help deal with the ongoing global economic and financial crisis. The measures will boost Canada's contribution to the International Monetary Fund (IMF) and provide additional resources for international trade finance.
"Ensuring the international flow of capital and strengthening international trade are critical to bringing the world out of a global economic crisis," said Minister Flaherty. "Canada is fulfilling its G20 responsibility in providing the resources needed to help build a more stable global financial system and to speed global economic recovery."
Canada's support will include a commitment to provide additional resources to the IMF. Canada is joining other G20 countries in committing an additional US$10 billion that can be mobilized for IMF emergency assistance to ensure emerging markets and developing countries have the access to capital they need. Canada will also be contributing US$200 million to the International Finance Corporation's Global Trade Liquidity Program, a unique and coordinated global initiative that brings together governments, international finance and development institutions and private sector banks to provide increased liquidity in the trade finance market. These funds will be used to help support trade finance, an essential element of economic recovery.
