Annual Report Cards on Canada and the IFIs

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.

In January 2007, in response to feedback from Parliamentarians and the Halifax Initiative, Finance Canada finally agreed to change the format and content of its annual report to Parliament on the World Bank and IMF, and held a consultation with groups on the proposed changes. Their report cards have been improving in format and content ever since.