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Minister Flaherty to Discuss Global Economic Developments at G-20, IMF and World Bank Meetings

OTTAWA, Ontario, September 22, 2011 — The Honourable Jim Flaherty, Minister of Finance, will be in Washington, DC, today through Saturday, attending meetings of the Group of Twenty (G-20) Finance Ministers and Central Bank Governors, the International Monetary Fund (IMF) and the World Bank.

“The economy is our top priority,” said Minister Flaherty. “In meeting with our global partners, we will continue to work toward strong, sustainable and balanced growth over the medium term, as well as on ways to strengthen market confidence and promote global recovery.”

G-20 Finance Ministers and Central Bank Governors will meet Thursday evening to discuss the global economy and progress on the G-20 Framework for Strong, Sustainable and Balanced Growth.

On Friday, the Minister will attend the annual meetings of the IMF and the World Bank.

“The IMF and the World Bank played an integral role in the response to the economic crisis by providing resources to achieve financial stability and assistance to those hardest hit by the downturn,” said Minister Flaherty. “Important reforms have been made to the IMF since the crisis to improve its effectiveness, credibility and legitimacy, including the recent landmark quota and governance reform agreement. We will focus on how to further improve that effectiveness through the IMF work plan.”

On Saturday, Minister Flaherty will attend plenary sessions of the International Monetary and Financial Committee of the IMF and the Development Committee of the World Bank and IMF, during which he will table statements on behalf of Canada. Following the sessions, the committees will issue communiqués outlining their discussions and actions moving forward.

“Canada’s role in these international meetings continues to be very important,” said Minister Flaherty. “Our experience and success in implementing Canada’s Economic Action Plan and our low-tax plan to return to balance through the Next Phase of Canada’s Economic Action Plan serve as important examples to the international community, as does our commitment to a strong and coordinated international response to global economic challenges.”

News source: Department of Finance


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