Ottawa, November 1, 2010
2010-103
The Honourable Jim Flaherty, Minister of Finance, said today an annual International Monetary Fund (IMF) statement confirms the Government's strong economic management.
"The IMF expects that Canada will continue to lead the major advanced economies in average economic growth over the next two years thanks to Canada's Economic Action Plan," said Minister Flaherty. "Our plan to eliminate the deficit by 2015–16 would put our debt-to-GDP (gross domestic product) level on a downward track from levels that are already low. This will maintain Canada's standing as having the strongest fiscal position in the G-7."
The 2010 Article IV Mission to Canada statement said the conservative near-term growth assumptions made in the recent Update of Economic and Fiscal Projections were appropriate, given the uncertainty in the global economy.
The IMF confirms Canada's financial system is prepared to make a smooth transition to new international banking standards.
The statement also welcomed the steady progress toward the creation of a national securities regulator, noting this initiative "will both bridge potential gaps in the supervision and regulation of what are essentially national markets, and create a venue for bringing securities regulation into the ambit of national coordinating initiatives for promoting financial stability."
The IMF reviews the economic developments and policies of each member country, usually on an annual basis. The IMF's report is released at the discretion of the country being reviewed. The Government supports this release in recognition of the importance of the IMF's surveillance activities, and as an expression of Canada's commitment to ensuring that these activities are transparent.
The IMF's full statement on Canada, which will be followed by a full report later this year, can be found on the IMF website at www.imf.org.
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
