Ottawa, November 30, 2009
Archived - Minister of Finance Nominates New IMF Executive Director
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The Honourable Jim Flaherty, Minister of Finance, today announced the nomination of the Honourable Tom Hockin as Executive Director of the International Monetary Fund (IMF) representing the constituency of Canada, Ireland and the Caribbean. Mr. Hockin's nomination will now be subject to an election within the constituency. If he is elected, he would succeed Michael Horgan, who is now the Deputy Minister of Finance.
"The recent global financial crisis made it clear how important international financial institutions like the IMF are to a stable global economy," said Minister Flaherty. "Mr. Hockin's extensive background in trade and finance would serve Canada well as we continue to work towards a stronger, more effective and more representative IMF."
Tom Hockin, currently a strategic advisor with Deloitte and a public corporate director, is a former president of the Investment Funds Institute of Canada. As Minister of International Trade, he carried out the negotiations on the side accords to the North American Free Trade Agreement in 1993. He was Minister of State (Finance), responsible in part for the restructuring of the regulation of federal financial institutions from 1986 to 1989. More recently, he chaired the Expert Panel on Securities Regulation, which recommended the establishment of a single securities regulator and securities act for Canada. Mr. Hockin has a business degree from the University of Western Ontario, a master's degree in public administration and Ph.D. in political science from Harvard University, and was awarded an Honorary Doctor of Commerce by Ryerson University in 2005.
The IMF was founded in 1944 to promote the smooth functioning of the international monetary system, encourage international trade and support higher rates of sustainable economic growth. It monitors economic and financial developments in member countries, provides policy advice and technical assistance, and extends short- and medium-term financial assistance to countries faced with balance of payments difficulties. In their statement at the Pittsburgh Summit on September 24–25, 2009, G20 leaders noted that the innovative steps taken by the IMF have reduced global risks and kept capital flowing to emerging countries during the recent global financial crisis.
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