Finance Canada

Letter to Finance Minister Martin Re: Debt Moratorium - February 8, 2001

February 8, 2001

Hon. Paul Martin, P.C., M.P.
Minister of Finance House of Commons
Ottawa, Ontario, K1A 0A6

Dear Minister Martin:

On behalf of the Canadian Ecumenical Jubilee Initiative and the Halifax Initiative Coalition, we wish to congratulate you on your decision to place a moratorium on the debt servicing re-quirements of eleven of the world's most heavily indebted poor countries. We believe that this measure, in the spirit of Jubilee, is a welcome contribution to ending the Third World debt crisis. Over the past two years Canada's leadership has played no small part in similar initia-tives by the UK, the US and France. Your initiative indicates to us a willingness to hear the concerns and arguments that we have expressed to you in person and through the petitions and letters of hundreds of thousands of Canadians who believe that it is time to give the poorest countries a new beginning.

FAQs - Group of Twenty (G20)

Revised March 2000


Answers

What is the G20?
 The G-20 was set up to 'smooth out the bumps' of financial globalization. It was established in the wake of the financial crises that gripped the global economy and devastated much of Asia, Russia and Latin America in the late 1990's. The G-20's mandate is 'To promote discussion, and study and review policy issues among industrialized countries and emerging markets with a view to promoting international financial stability.'


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Who sits at the G20 table?

Tobin Tax Parliamentary Motion - One year on!

ONE YEAR LATER - What has Canada done about the Tobin Tax Motion? NOT MUCH! Write your MP, the Prime Minister and the Finance Minister before March 23.

On March 23, 1999, an exuberant Parliament passed a motion to "enact a tax on financial transactions in concert with the international community" with all party support by a resounding 164-83 margin. The motion was a strong message from Parliament that the political must regain control of the financial in the interests of the world's common wealth.

One year later, we have little progress to report. While the Canadian motion has sparked debate in Parliaments around the world, there has been little action at home. There have been no public hearings, no follow-up studies, no meetings of experts, in short, no substantive action to move the agenda forward either domestically or internationally.

Press Release: Wednesday, November 4, 1998

Canadian organizations and individuals today called for an immediate stop on debt payments coming out of Nicaragua and Honduras.

4 November 1998 - In letters to the heads of the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), Finance Minister Paul Martin and External Affairs Minster Lloyd Axworthy, they asked that a freeze on debt payments be enacted for 90 days, in light of the disaster affecting the people in Central America.

Both Nicaragua and Honduras are considered heavily indebted poor countries by the international financial institutions, and pay out millions of dollars each month to outside creditors. Much of this money goes to the IMF, World Bank, and IDB. The two countries sent out US$888 million dollars last year - or $2.43 million per day.

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