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Ottawa, December 22, 2011
The Honourable Jim Flaherty, Minister of Finance, today welcomed the International Monetary Fund’s (IMF) annual review of Canada's economic developments and policies, which strongly endorses the Government’s commitment to return to balanced budgets over the medium term.
“We are pleased that the IMF agrees with the approach we are taking in the Next Phase of Canada’s Economic Action Plan,” said Minister Flaherty.
In its 2011 Article IV Consultation with Canada report, the IMF notes Canada’s strong economic recovery, reflecting “a decisive policy response, a resilient financial sector, and high commodity prices.”
The report also notes that the key risk to the Canadian outlook stems from uncertainty over the external economic environment, citing the potential for “further turbulence from Europe and its impact on global financial markets.”
The IMF supports the measures taken by the Government to promote the long-term stability of Canada’s housing market, including changes to the rules for government-backed insured mortgages.
The report also confirms that Canada’s financial sector is solid, thanks to effective supervision and regulation. The report notes that Canada is advancing well on international financial market reforms, stating that Canadian banks are well-placed to meet the Basel III capital requirements ”early in the transition period.”
The IMF reviews the economic developments and policies of each member country, usually on an annual basis. The IMF’s report is released at the discretion of the country being reviewed. The Government supports this release in recognition of the importance of the IMF’s surveillance activities, and as an expression of Canada’s commitment to ensuring that these activities are transparent.
The IMF’s report on Canada can be found on the IMF website.
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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