Archived - Minister Oliver Tables Annual Report on Canada’s Activities at the International Monetary Fund and the World Bank Group

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September 30, 2014 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today tabled the Government’s annual report describing Canada’s activities at the International Monetary Fund (IMF) and World Bank Group in the past year. Minister Oliver is Canada’s Governor at both institutions.

The report shows that the IMF continued to help member countries overcome the challenges posed by the fragile global economy, through high quality analysis, advice and technical assistance, as well as direct financing. Canada will continue to pursue its objective of ensuring the IMF has the appropriate tools and governance structure to promote global economic and financial stability.

The report also highlights the new strategy for the World Bank Group, which aims to eradicate extreme poverty within a generation, and promote shared prosperity by ensuring that economic growth and job creation is experienced by those in the bottom 40 per cent of the population in every country. In December 2013, the International Development Association—the World Bank Group’s fund for the poorest countries—received a record high replenishment, with Canada providing US$1.4 billion over three years.

Quick Facts

  • The IMF and World Bank Group are key international financial institutions that promote global economic and financial stability and growth, and help to fight poverty.
  • Canada is a major shareholder at both institutions, has seats on the Board of Governors and the Board of Executive Directors, and contributes to policies and financial oversight in collaboration with its fellow constituency members—Ireland and most Commonwealth Caribbean countries.
  • Canada is also involved in several committees and engages with shareholders at the institutions’ Spring and Annual Meetings.
  • The annual report, Canada at the IMF and World Bank Group, summarizes Canada’s contributions and priorities at these institutions.

Quotes

“I am pleased to present Parliament and Canadians with this annual report detailing Canada’s activities at the IMF and World Bank Group, which play critical roles in the global economy. As a significant shareholder at both institutions, Canada helps provide the leadership necessary to ensure that both organizations function in an effective, transparent and accountable manner, and achieve real results that strengthen the global economy, reduce poverty and promote prosperity around the world. Canada’s views and objectives are set out for each institution in this report, and will guide our interactions for the coming year.”

- Joe Oliver, Minister of Finance

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