Public Health Agency of Canada

10/15/2021 | Press release | Distributed by Public on 10/15/2021 16:42

Deputy Prime Minister concludes successful G7 and G20 Finance Ministers’ Meetings and Annual Meetings of the IMF and the World Bank

October 15, 2021 - Ottawa, Ontario - Department of Finance Canada

This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF). The Deputy Prime Minister also attended the G7 and G20 Finance Ministers' and Central Banks Governors' Meetings.

In addition, the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, virtually attended, on behalf of the Deputy Prime Minister and Minister of Finance, the Coalition of Finance Ministers for Climate Action and the Commonwealth Finance Ministers Meeting. Today, the Minister of International Development, the Honourable Karina Gould, virtually attended, on behalf of the Deputy Prime Minister, the meeting of the IMF-World Bank Development Committee, where the focus was on the impacts of the COVID-19 crisis on low-income countries and multilateral efforts to promote their resilient recovery.

The meetings provided opportunities for Finance Ministers and Central Bank Governors to discuss issues on a range of fronts, including: international trade, addressing the needs of low-income and vulnerable middle-income countries; the economic impacts of the pandemic on women and the need for affordable and accessible early learning and child care; and future pandemic prevention and preparedness. This week has also been an important moment to discuss climate action and how we can work with our partners to do even more. Canada has a world-leading price on pollution - and worked to actively explore avenues to collaborate on carbon pricing, border carbon adjustments, and other tools.

The meetings also allowed Canada to engage with international partners on bringing last week's landmark two-pillar plan on international tax reform into effect. This historic agreement will end the global race to the bottom in corporate taxation, and put Canadian workers and businesses on a level playing field in the global economy by ensuring that all corporations, including the world's largest, pay their fair share.

The Deputy Prime Minister held several bilateral meetings with her counterparts, including: US Treasury Secretary, Janet Yellen; Germany's Vice Chancellor and Minister of Finance, Olaf Scholz; UK Chancellor of the Exchequer, Rishi Sunak; France's Minister of Finance and the Economy, Bruno Le Maire; Italy's Minister of Economy and Finance, Daniele Franco; Republic of Korea Deputy Prime Minister and Minister of Economy and Finance, Hong Nam-ki; and Mexico Secretary of Finance and Public Credit, Rogelio Ramírez de la O.