Annual Report Cards on Canada and the IFIs

Policy Brief: Canada at the World Bank and IMF – Watching from the sidelines? - July 2008

In 2007, Finance Canada substantially improved both the content and format of its annual "Report on Operations under the Bretton Woods and Related Agreements Act". Now that the government has finally disclosed its positions on issues, and its priorities looking forward, HI is finally in a position to critique some of the issues covered in these reports. This policy brief addresses some of the most important issues covered in the report, most of which have been a traditional focus of our work.

Report Card on Finance Canada's 2007 Annual Report to Parliament on the BWIs (April 2008)

For the past four years the Halifax Initiative Coalition has produced report cards on the annual reports to Parliament on the World Bank and IMF. In general, the 2007 Annual Report marks a substantial improvement over the 2005 and 2006 annual reports, both in format and in particular, in content. In all, the new medium term framework does a much better job of articulating a more coherent and consistent government strategy for the Bank and Fund, and providing benchmarks against which to evaluate the government’s performance in the coming years. Next year’s annual report would do well to include indicators against which to measure, more clearly, success in meeting these goals.
Grade: B+

Response from Minister Flaherty on changes to the Annual Report - December 20, 2007

This letter from the Minister - the first response that the Halifax Initiative has received from the Department of Finance in almost two years - provides an overview of the changes that the Department has made to the Annual Report to Parliament on the Bretton Woods [World Bank and IMF] and Related Agreements Act.

Letter to Minister Flaherty re the Annual Report to Parliament - May 22, 2007

The following letter was sent to Minister Flaherty with a copy of our 2007 Report Card on Finance's Annual Report to Parliament. It congratulates Minister Flaherty on the changes to the Report and identifies areas for further improvement.

Presentation to SCFAID on WB and IMF - April 26, 2007

On April 26th, NSI President, Roy Culpeper, and KAIROS Canada's Global Economic Justice Coordinator, presented their views on the issues raised by the Government’s annual report on the Bretton Woods Organizations (the International Monetary Fund and the World Bank) before members of the Standing Committee on Foreign Affairs and International Development (SFAIT). The meeting was called by the Standing Committee in response to a request by the Halifax Initiative Coalition. As of Mid-May 2007, Minister Flaherty has yet to appear before the Committee.

Report Card on Finance Canada's 2006 Annual Report to Parliament on the BWIs (April 2007)

For the past three years the Halifax Initiative Coalition has produced report cards on the annual reports to Parliament on the World Bank and IMF. In general, we are encouraged by the enhanced content and format of this year’s annual report. It is a step in the right direction and Finance Canada should be commended for taking this “good faith” initiative. However, the failure to include any clear and systematic indication of goals, objectives and actions for the coming year is still a major shortcoming. As a result, the report provides no benchmarks against which to evaluate the Government of Canada’s performance in next year’s report or to register changing objectives.

Grade: B-

Letter to Minister Flaherty - January 31, 2007

This letter thanks Finance Canada for taking the initiative to revise the Annual Report to Parliament on the Bretton Woods Institutions (BWIs), and provides an overview of four broad areas of concern that we would like to see addressed in the new report. The letter includes detailed comments and suggestions on both format and content for the new report, as well as a short list of potential issues to be included.

Report - Analysis of the Finance Report on BWIs - 2005 (June 2006)

Since 2005, the Halifax Initiative Coalition has produced an annual Report Card on the Department of Finance's Annual Report to Parliament on the Bretton Woods and Related Agreements Act - namely on the World Bank and International Monetary Fund (IMF). Past Report Cards have found that Finance's Reports provide some good background information on the history, mandate and operations of the institutions. However, they fall short on providing the qualitative and quantitative information necessary to provide Canadians with an adequate picture of Canada's relations with the Bank and the Fund, and how our participation within these institutions is achieving our development and foreign policy goals. As this report is, effectively, the only means by which Parliament and the public is officially informed of Canada's relations with these institutions, the lack of information creates a serious gap in public accountability and awareness.

Grade: D

Report - Analysis of the Finance Report on BWIs - 2004 (April 2005)

The 2004 report provides some good background information on the history, mandate and operations of the institutions. It falls short, however, of providing the qualitative and quantitative information necessary to provide Canadians with an adequate picture of Canada's relations with them. As this report is, effectively, the only means by which Parliament and the public is officially informed of Canada's relations with these institutions, the lack of information creates a serious gap in public accountability and awareness.