Brazil – Chrystia Freeland, Deputy Prime Minister and Minister of Finance, talked at the G20 Finance Ministers and Central Bank Governors Meeting in Brazil. She said:
“Before talking about the G7 and the G20, I do want to just take a minute to say how upset I am, how sad I think all Canadians are, about the devastating wildfires that hit Jasper. I want to say how committed the Government of Canada is, how committed all the involved ministers and organizations are, how personally committed I am, to supporting everyone affected by those devastating wildfires.
“I really want to thank the first responders who are working so hard in remarkably challenging circumstances. I’d like to point out that the federal government has approved Alberta’s request for federal assistance and we’re deploying the Canadian military and providing emergency resources to help with the situation on the ground immediately.
“Just on a personal note, I want to say to everyone from Jasper and the surrounding community to everyone in Alberta, I am so glad that there have been no reported injuries. It’s a blessing in a terrible time, but this is a really horrible tragedy that is personal for so many people. So many people, like me who grew up in Alberta, went to Jasper every summer, camping with our families. I think so many of us have such beautiful memories of times spent in Jasper.
“As Premier Smith said, it’s a truly magical place, one of the most beautiful places in the world. And I just want to say to everyone who had to flee Jasper, to everyone who was working so hard to fight this wildfire: thank you so much. You have a whole country thinking of you and supporting you.
“I do also want to make a quick reference to the Bank of Canada’s decision this week to cut interest rates for the second time in a row. Canada was the first G7 country to cut interest rates last month and we are now the first G7 country to cut interest rates for a second time. This is good news for Canadians, and it is thanks to their hard work. We are on the right path but there’s more work to do.
“Interest rates are coming down because inflation is falling. Inflation in Canada fell to 2.7 per cent in June, down from 2.9 per cent in May. What that means is for six months in a row, inflation in Canada has been within the Bank of Canada’s target range. And wages have now outpaced inflation for 17 months in a row.
“The IMF is also forecasting that Canada will be the fastest growing economy among the G7 and other advanced economies in 2025. This is compelling economic evidence. It shows that Canada’s economy is strong and resilient. And it shows that our government’s fiscally responsible economic plan is working.
“Over the past couple of days, I have been attending meetings of the G7 and G20 Finance Ministers and Central Bank Governors where I discussed:
- Our ongoing work to strengthen our supply chains, including a discussion at the G7 of Chinese excess capacity and oversupply
- At the G7 we talked about our work to support Ukraine, including through the implementation of the Extraordinary Revenue Acceleration Loans, a really historic plan that was agreed to by G7 leaders in Italy last month;
- We talked about the work we are doing to build clean and resilient economies; and
- We talked about income inequality, and ways that we can work to support economic growth by reducing income inequality.
I also had bilateral meetings with:
- Paolo Gentiloni, the European Commissioner for Economy;
- Shun’ichi Suzuki, Japan’s Minister of Finance;
- Ajay Banga, President of the World Bank;
- Secretary Janet Yellen of the United States Treasury;
- Kristalina Georgieva, the Managing Director of the International Monetary Fund;
- Giancarlo Giorgetti, Italy’s Minister of Finance;
- Sang-Mok Choi, South Korea’s Deputy Prime Minister and Minister of Finance;
- Rachel Reeves, the United Kingdom’s Chancellor of the Exchequer;
- Enoch Godongwana, South Africa’s Minister of Finance; and
- Trygve Slagsvold Vedum, Norway’s Minister of Finance.
“This week I had the opportunity to discuss with our allies and partners the economic challenges and opportunities we share. Thank you, I’ll be happy to answer your questions.”