Minister Morneau Finds Support for Canada's Fiscal Plan at G20, International Monetary Fund and World Bank Meetings
April 16, 2016 – Washington, D.C. – Department of Finance
Finance Minister Bill Morneau concluded meetings in Washington today, finding support from Group of Twenty (G20) countries, the International Monetary Fund (IMF) and the World Bank for Canada’s plan to invest in the economy and grow the middle class.
Budget 2016: Growing the Middle Class takes advantage of Canada’s low debt burden and low interest rates to invest in families with children and the economy. The plan invests in innovation, jobs and training to help Canada’s middle class and economy to prosper over the long term.
The IMF recently singled out Canada as a country that is taking advantage of its space for fiscal expansion, and has called on other countries to also take a more balanced approach to boosting growth by effectively using fiscal space, where available.
In Washington, Minister Morneau encouraged his G20 colleagues to implement their long-term growth strategies so that all citizens can share in the prosperity of a strong global economy.
The Minister met bilaterally with World Bank President Dr. Jim Yong Kim, Bank of England Governor Mark Carney, U.S. Federal Reserve Chair Janet Yellen, and others.
The Minister highlighted Canada’s actions to strengthen the middle class and those working hard to join it through tax cuts announced in December 2015 and through the proposed Canada Child Benefit, which will put more money in the pockets of 9 out of 10 Canadian families with children. When combined with strategic long-term investments in infrastructure that take advantage of Canada’s enviably low net debt-to-GDP (gross domestic product) ratio, the Government is strategically positioning Canada’s economy for success and fostering prosperity for this and future generations.
“The IMF and others recognize the strength of Canada’s new fiscal approach. Working together with the international community, we can build a strong global economy that benefits all members of society, from the middle class to those working hard to join it.”
- Bill Morneau, Minister of Finance
- Communiqué of the G20 Finance Ministers and Central Bank Governors
- Statement Prepared for the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund [PDF 191 KB]
- Statement Prepared for the Development Committee of the Boards of Governors of the World Bank and International Monetary Fund [PDF 52 KB]
Office of the Minister of Finance
Department of Finance