Ottawa, December 19, 2012
Archived - IMF Report Highlights Government of Canada’s Strong Economic Management
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The Honourable Jim Flaherty, Minister of Finance, today welcomed the International Monetary Fund’s (IMF) annual review of Canada, which endorses the Government’s fiscal and financial sector policies and commitment to return to balanced budgets.
“With our Economic Action Plan’s focus on jobs, growth and long-term prosperity, I am pleased to see that, once again, the IMF is maintaining its positive outlook for Canada,” said Minister Flaherty. “By reaffirming its support for the Government’s plan to return to balanced budgets over the medium term, the report provides further support for our Government’s fiscal plans.”
The 2012 Article IV Mission to Canada statement confirms that Canada’s financial sector is solid, noting the Government’s “high prudential standards and rigorous supervision.” It also endorses the measures taken by the Government to promote the long-term stability of Canada’s housing market, including changes in the rules for government-backed insured mortgages.
The statement lauds Canada’s “strong determination to move ahead with the international financial reform agenda,” and supports Canada’s decision to implement Basel III requirements by January 2013, well ahead of the international timeline.
The IMF continues to support ongoing efforts to establish a common securities regulator for Canada, noting that this initiative would “reduce compliance costs, simplify systemic risk monitoring, and facilitate coordination with other agencies and policy intervention.”
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 in February 2013, can be found on the IMF website.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance