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.
Bretton Woods Institutions
The Canadian Government, the World Bank and the International Monetary Fund:
A REPORT CARD on FINANCE CANADA’S 2006 ANNUAL REPORT to PARLIAMENT
Every year at the end of March, the Minister of Finance tables the “Report on Operations under the Bretton Woods and Related Agreements Act”. The Bretton Woods Conference in 1944 established the World Bank and International Monetary Fund (IMF), and this report details Canadian priorities, commitments and interests over the past fiscal year at these institutions. The annual reports to Parliament are important tools for assessing the government’s actions within these institutions relative to its foreign policy and development objectives, and for informing Parliament and the Canadian public about Canadian priorities at these important multilateral fora. Canada is among a number of countries that report to Parliament on their activities at these institutions.
UN Special Representative explores human rights obligations of financial institutions
There is growing consensus that human rights rank high among the pressing challenges that face both the private sector and its financiers. On February 16, the UN Secretary General’s Special Representative on Human Rights and Transnational Corporations, John Ruggie, and the Office of the High Commissioner for Human Rights convened a consultation on human rights and the financial sector in Geneva. The meeting included representatives from a number of export credit agencies (ECAs), the World Bank’s International Finance Corporation, several Equator Principle banks, academia and civil society.
January 31, 2007
PDF of Full Report available here
Nous regrettons qu'en 2006, l'initiative d'Halifax n'a pas produit de version Francaise.
Report Card on the Canadian Department of Finance “2005 Report on Operations Under Bretton Woods and Related Agreements Act”
Every year at the end of March, the Department of Finance tables its report on the operations of the Bretton Woods Institutions (BWI)  before Parliament and details activities at these institutions in relation to Canadian priorities, commitments and interests. The reports provide some good background information on the institutions themselves, on emerging issues and challenges within the World Bank and International Monetary Fund (IMF), and some brief details on Canadian priorities and financial participation at these institutions.
IFI War on Corruption Falls Short
► Spring Meetings at the World Bank and International Monetary Fund – Some Highlights
Reform of The International Monetary Fund (IMF) – As the IMF staggers through a budgetary and identity crisis (Issue Update 2, 2006), the IMF’s financial committee agreed to a number of changes to both IMF governance and its role. On governance, the Committee proposed reapportioning great voting power to fast-growing economies, such as South Korea, China, Mexico and Turkey, to reflect its place in the global economy. In terms of its role, it proposed the Fund look at how to be more effective in tackling spillover effects from individual country’s economic policies, by monitoring the impacts on the global economy of such issues as the US trade deficit, trade surpluses in Asia, and China’s pegging its currency to the dollar.
► Small Victory on World Bank Debt Deal
On March 28, 2006, the World Bank’s Board of Directors adopted the modalities for implementing its share of the Multilateral Debt Relief Initiative (MDRI), an outcome of last summer’s G-8 meeting and endorsed by the Bank and IMF at its fall meetings. The Bank deal provides for 100% cancellation of International Development Association (IDA) debt for 17 Heavily Indebted Poor Countries (HIPC).
March 24, 2006