Canada and the International Monetary Fund
The International Monetary Fund (IMF) is an organization of 189 countries, working together to:
- foster global monetary cooperation
- secure financial stability
- facilitate international trade and sustainable/inclusive economic growth
- reduce poverty around the world
Canada is a member of the IMF and plays an important role in its governance. Canada and its Caribbean constituency partners share a deep history in terms of political traditions, long-standing trade and commercial linkages, and cultural values. These ties have fostered a special relationship and degree of cooperation that sees Canada act as a champion for sustainable socio-economic development, poverty reduction, resilience-building, and strengthening democratic institutions throughout the region and for small states in general. Canada and the IMF share priorities of:
- inclusive growth
- gender equality
- strong governance and public institutions
- maintaining openness
- and using multilateralism to address global challenges for the benefit of all
Canada has, historically, been one of the largest contributors to the IMF’s Institute for Capacity Development, which provides capacity development and training to officials in member countries to help them build strong institutions and boost skills to enable sound macro-economic and financial management.
Canada has contributed to the IMF’s Central America, Panama and Dominican Republic Regional Technical Assistance Centre and its Africa Regional Technical Assistance Centres. We are the largest donor to the Caribbean Regional Technical Assistance Centre. Canada recently announced $20 million in new funding to the IMF to help build public financial management capacities in Caribbean and other Small Island Developing States.
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