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The Honourable Jim Flaherty, Minister of Finance, today highlighted Canada’s global leadership while tabling two reports on Canada’s activities, priorities and representation at key international financial institutions: Canada at the IMF and World Bank 2009—Report on Operations Under the Bretton Woods and Related Agreements Act and Canada at the European Bank for Reconstruction and Development 2009—Report on Operations Under the European Bank for Reconstruction and Development Agreement Act.
“These essential institutions served as a lifeline for nations in need during the worst period of global economic and financial turmoil in half a century,” said Minister Flaherty. “As these reports make clear, Canada has been at the forefront of ensuring resources are available to allow these institutions to fulfil their crisis-response duties, while ensuring reforms are made that will enable them to effectively respond to future adversity. At a critical time for the global economy, as Canada prepares to host this year’s G8 and G20, our Government will continue to play an influential role in international organizations like the International Monetary Fund, World Bank and European Bank for Reconstruction and Development.”
Canada at the IMF and World Bank summarizes the key role Canada played in the ongoing transformation of both international financial institutions throughout 2009, and Canada’s plans and priorities in the years to come. It highlights the progress made by the International Monetary Fund and World Bank in meeting Canadian goals of governance and accountability, institutional effectiveness and sustainable poverty reduction and growth.
Canada at the European Bank for Reconstruction and Development outlines Canada’s role at this institution and Canada’s goals of promoting good governance and accountability, ensuring institutional effectiveness and encouraging environmental sustainability and gender equality. In addition to reporting on progress made in reaching these objectives, the publication summarizes the impact of the global economic and financial crisis on the European Bank for Reconstruction and Development’s countries of operations and the Bank’s response, as well as the Bank’s fourth Capital Resources Review.
In tabling these annual reports, Minister Flaherty also highlighted Canada’s many contributions to boost the resources of international financial institutions over the past year. These initiatives, worth US$22 billion, include:
- A US$10-billion temporary loan to the IMF, fulfilling a G20 commitment to increase its lending capacity to support IMF members in need.
- US$4 billion in temporary capital to the Inter-American Development Bank, allowing the bank to immediately increase lending capacity by 45 per cent.
- US$2.6 billion in temporary capital to the African Development Bank, allowing lending levels to increase by 75 per cent compared to pre-crisis forecasts.
- An agreement with other shareholders to triple the capital base of the Asian Development Bank to sustain lending through the crisis and recovery periods, with Canada’s share worth US$5.3 billion.
- A US$200-million contribution—the first by any donor—to the World Bank Group’s Global Trade Liquidity Program to support much-needed trade finance in developing countries.
- $260 million, as part of Canada’s G8 commitment, to the World Bank’s Global Food Crisis Response Program and Global Agriculture and Food Security Program.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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