International Monetary Fund Report Praises Canada’s Approach to Growing the Economy
May 9, 2016 – Ottawa, Ontario – Department of Finance Canada
Finance Minister Bill Morneau welcomed the Concluding Statement of the International Monetary Fund’s (IMF) annual Article IV Mission to Canada, which highlights what it calls the Government’s “pro-growth” fiscal policy.
The Government of Canada knows that a strong economy starts with a strong middle class. Budget 2016 helps middle class families by putting more money in their pockets and making smart, necessary investments designed to grow the economy long-term. When you have an economy that works for the middle class, you have a country that works for everyone.
The IMF has also recently singled out Canada’s approach, calling upon other countries to also take a more balanced approach to boosting growth.
The IMF’s report confirms that the Government has the capacity to act, citing low interest rates and Canada’s low debt burden. It also confirms that “the federal government’s pro-growth 2016 budget is appropriate,” highlighting “the federal government’s commitment to putting the debt-to-GDP [gross domestic product] ratio on a downward path.”
“Our Government has already taken steps to help the middle class. We are investing in people and in our economy in order to leave a better country for our kids and grandkids. That’s the approach Canadians have told us they want, and it’s exactly what we have delivered over the last six months.
I am tremendously proud of the path we are on, and that our new approach is being recognized at home and abroad. I thank the IMF for their analysis and feedback today, and look forward to working with the international community towards more inclusive growth here at home and around the world.”
—Bill Morneau, Minister of Finance
Office of the Minister of Finance
Department of Finance Canada