Chrystia Freeland budget 2022

Freeland to participate in Spring Meetings of IMF, World Bank

eAwaz Canada News

Ottawa – This week, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, will travel to Washington to participate in the Spring Meetings of the International Monetary Fund (IMF) and World Bank. The Minister of International Development, Harjit Sajjan, will represent Canada at the IMF-World Bank Development Committee plenary.

Throughout the week, the Deputy Prime Minister will join her international counterparts to discuss the global economic outlook and international policy response to Russia’s illegal invasion of Ukraine, and its impact on global food prices, inflation, and energy supply. By working with international partners to alleviate global supply chain pressures, combat inflation, and ensure stable energy supplies, Canada will continue its work to ensure a strong economic recovery that makes life more affordable and leaves no one behind.

The Deputy Prime Minister will call for further financial and economic support for Ukraine. Canada strongly supports the recent US$1.4 billion IMF emergency loan for Ukraine, the maximum allowed under current IMF policy. The Deputy Prime Minister will also highlight the creation of the new IMF Multi-donor Administered Account for Ukraine, and encourage other IMF members to pledge their contributions. This new facility will assist Ukraine in meeting its balance of payments and budgetary needs in order to help stabilize Ukraine’s economy. Canada intends to offer up to $1 billion in new loan resources to Ukraine through the Administered Account.

The Deputy Prime Minister will also hold bilateral meetings with Denys Shmyhal, Prime Minister of Ukraine, and Serhii Marchenko, Minister of Finance of Ukraine, on the margins of the Spring Meetings.

“Russia’s brutal and illegal invasion of Ukraine presents a serious threat to the international rules-based order and to Canada’s own national interests. In order to benefit from this rules-based order, countries must respect the rules. That’s why Canada will continue to work with its allies to pressure Putin’s brutal regime. We remain unwavering in our support for Ukraine and its people.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Canada remains deeply concerned about the growing humanitarian and refugee crisis in Ukraine, as well as the resulting broader impact we’re seeing on global food prices, inflation and energy supply. International financial institutions, like the World Bank, play a critical role in the global response. That is why Canada is taking action across the multilateral system, in coordination with likeminded partners, to respond swiftly and comprehensively to the many challenges the world is now facing.” – Harjit S. Sajjan, Minister of International Development and Minister responsible for Pacific Economic Development Agency of Canada