Finance Canada

Report - Analysis of G8 Debt Deal - June 23, 2005

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Summary Analysis of the June 11, 2005 G8 Debt Proposal
On June 11, Finance Ministers from the G8 countries announced a debt remission proposal that would cancel multilateral debts owed to the World Bank, the International Monetary Fund (IMF) and the African Development Bank's African Development Fund (AfDF) by 18 low-income countries.

The G8 proposal offers 100% debt stock cancellation for debts owed to three multilateral financial institutions for the 18 countries that have reached their 'completion points' through the Heavily Indebted Poor Country (HIPC) Initiative. A further 9 HIPC 'decision point' countries, who have not completed or have stalled in their World Bank/IMF programs, might qualify in the near term. The deal could also potentially be extended to the 11 remaining HIPCs that have not yet reached their decision points.

Editorial (Unpublished): June 1, 2005

The New President's Challenges ' Who's Going to Reform the World Bank?
This Wednesday Paul Wolfowitz will walk into an imposing glass and steel building on 18th Street in Washington, D.C. and start his first day in what could be the most challenging job he has ever held. As the 10th President in the 60-year history of the World Bank, Mr. Wolfowitz will have an unprecedented opportunity to help steer the direction of development as we rapidly move towards the Millennium Development Goal targets. 

His new position could allow him to help to truly bring opportunity, choice and prosperity to the poorest areas of the globe. But to do so he will have to confound his critics, defy skeptics and dramatically change both his approach to the international community and more importantly the attitude and engagement of the institution he now heads.

Report - Analysis of the Finance Report on BWIs - April 14, 2005

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Executive Summary
At the end of March annually, the Department of Finance releases its report to Parliament on the operations of the Bretton Woods institutions[1] and their relationship to Canadian priorities, commitments and interests. Canada is one of only a handful of countries that report to their legislative bodies on its activities at these institutions.

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.

Press release - April 14, 2005

New Report to Parliament on Relations between Canada and the Bretton Woods Institutions Comes up Short

Ottawa - On the eve of the annual spring meetings of the World Bank and International Monetary Fund in Washington, DC, the Halifax Initiative Coalition released a new report analyzing how the federal government publicly accounts to Canadians on its relations with these powerful multilateral institutions.

Parliament is informed of the activities and operations of the Bretton Woods Institutions through the tabling of the annual report entitled the Report on the Operations Under the Bretton Woods and Related Agreements Act, which is released annually at the end of March.

Letter to Minister Goodale Re: Nomination of Paul Wolfowitz - March 17, 2005

March 17, 2005

The Honourable Ralph Goodale M.P., P.C.,
Minister of Finance
140 O'Connor Street
Ottawa, Ontario
K1A 0G5
Via Fax: 995-5176

RE: Canadian NGOs Call for the Government of Canada to Oppose the Nomination of Paul Wolfowitz to the position of President of the World Bank

Dear Minister Goodale,

We are writing to express our strong concern with the nomination by the US government of Paul Wolfowitz to become the next President of the World Bank. We call on the Government of Canada to direct its Executive Director to the World Bank, Marcel Massé to strongly oppose the nomination and to vote against it.

Government of Canada response Re: Debt relief, financing and other issues - April 8, 2005

April 8, 2005


Mr. John Mihevc and co-signatories
Halifax initiative Coalition
104-153 Chapel Street
Ottawa, ON KIN 1H5

Dear Mr. Mihevc and co-signatories:

Thank you for your correspondence of January 28, 2005 regarding debt relief, additional financing and other development issues. I apologize for the delay of my reply.

Letter to Minister Goodale Re: Leadership on Full and Unconditional Cancellation of Poor Country Debts - January 28, 2005

PDF Letter available here

Version PDF française disponible ici

January 28, 2005

The Honourable Ralph Goodale M.P., P.C.,
Minister of Finance
140 O'Connor Street
Ottawa, ON K1A 0G5
Fax: 995-5176

RE: Canadian CSOs Call for Leadership to Secure Full and Unconditional Cancellation of Poor Country Debts

Dear Minister Goodale,

The next few months offer an historic opportunity for Canada to take leadership among the G7 Finance Ministers to consider genuine and permanent solutions to the problems of debt and development, especially as they affect Africa.

Editorial (Globe & Mail) - November 19, 2004

Calling for a "Made in Canada" Proposal Percent Debt Cancellation
By Michael Bassett

This weekend Finance Minister Ralph Goodale will join his counterparts from 20 developed, emerging and developing countries at the regular G20 Finance Ministers meeting. Prime Minister Paul Martin created this grouping of countries in 1999. It stands as an example of the Canadian leadership on the international stage that Mr. Martin has often spoken of, but little delivered since becoming Prime Minister last year.


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