Canada Announces Contributions to IMF to Help Safeguard Global Economic Stability
October 8, 2016 – Washington, D.C. – Department of Finance Canada
Canada is committed to contributing to a stable global economy that benefits the middle class and those working hard to join it.
Finance Minister Bill Morneau today concluded his participation in the 2016 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group by announcing Canada’s contribution to two global financing initiatives. Along with contributions from other countries:
- Canada will extend a temporary line of credit of approximately C$15 billion to the IMF to help maintain its ability to lend to countries in the event of a major global economic shock.
- Canada will also provide repayable loans of approximately C$900 million to the IMF’s Poverty Reduction and Growth Trust, which will help ensure that the world’s poorest countries can adjust to economic shocks and create growth and development that benefit their citizens.
Minister Morneau and his international colleagues discussed ways to tackle global economic challenges and ensure countries and international institutions are equipped to respond to them. The Minister emphasized the importance of open trade and investment as a means of building strong and sustainable global growth and prosperity for the middle class and those working hard to join it.
“Canada is proud to be at the forefront of global efforts to build a stronger world economy. It is important for all countries to work together and to be open to international trade and investment. This will in turn create prosperity for the middle class and those working hard to join it. Canada’s contributions to the IMF will help ensure it has the resources it needs to be effective in maintaining global economic and financial stability.”
– Bill Morneau, Minister of Finance
- Statement Prepared for the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund [PDF 223 KB]
- Statement Prepared for the Development Committee of the Boards of Governors of the World Bank and International Monetary Fund [PDF 172 KB]
- 2016 Annual Meetings of the IMF and the World Bank Group
Office of the Minister of Finance
Department of Finance Canada