Issues

The Canadian government is a key actor in the international finance scene.

It is one of very few governments to be represented on:

• The Group of Eight (G8) and Group of 20 (G-20), where the leaders of these countries discuss key global issues, and at international bodies such as the United Nations, where they discuss issues related to human rights and financing for development;
• The Paris Club of creditor nations, where discussions relating to bi-lateral debt take place;
• The Organization for Economic Cooperation and Development (OECD), where discussion on overseas development assistance (ODA or aid) take place, and matters related to export credit agencies. ECAs, for example, support a number of questionable projects;
• All the Boards of the World Bank Group (WBG) as an Executive Director - that is at the International Bank for Reconstruction and Development, the International Development Association, International Finance Corporation, the Multilateral Investment Guarantee Agency, where international development issues are discussed and coordinated;
• The Board for the International Monetary Fund (IMF), which reviews countries' economic policies and lends money to developing countries facing financial or debt crises. IMF support is conditioned on countries implementing a large number of policies to "structurally adjust" its economy;
• All the Board of Governors of the Regional Development Banks (Asian Development Bank, African Development Bank and the European Bank for Reconstruction and Development) directly, or Regional Development Banks (RDBs).

As well, a number of Canada's private sector banks have signed onto the Equator Principles, and provide project finance to environmentally unsound projects.

Canada is therefore a key player among these institutions and, when pushed, can play an important role in advocating for greater transparency and accountability through their institutional reform.

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