Introduction
On May 29, Bill C-293 or the “better aid bill”, received royal assent, now legally requiring Canadian official development assistance (ODA) to contribute to poverty reduction, take into account the perspectives of the poor, and be consistent with international human rights standards. Finance Canada, among others, is in the process of developing plans on how to implement the Bill in practice. These comments are intended to help Finance Canada in its interpretation of the Bill for the various international financial institutions (IFIs) for which it is the lead agency.

May 22, 2007

The Honourable James Flaherty
Minister of Finance
Department of Finance Canada
140 O’Connor Street
Ottawa, ON K1A 0G5

Re: 2006 Annual report to Parliament on the Bretton Woods Institutions

Dear Minister Flaherty:

We would like to firstly congratulate you on the new 2006 Annual Report to Parliament on the Bretton Woods Institutions. We are pleased that some of the concerns we raised in previous meetings with Finance are reflected in the new format and content of the Report.

As in past years, the Halifax Initiative Coalition has developed a report card on this year’s annual report. The report card evaluates the transparency and accountability of Finance Canada to Parliamentarians. It does not assess the performance of the international financial institutions in these areas. We are pleased to enclose a copy for your records.

Wolfowitz & World Bank in the spotlight over scandal
While the World Bank's executive directors have yet to make a decision on the future of president Paul Wolfowitz, calls for the former U.S. deputy defence secretary’s resignation are gaining momentum. The Bank’s Independent Evaluation Group (IEG), which assesses the degree to which the Bank's work meets its stated objectives, issued a formal statement described by the Financial Times as a “searing indictment of Paul Wolfowitz's leadership.”

January 31, 2007

The Honourable James Flaherty
Minister of Finance
Department of Finance Canada
140 O’Connor Street
Ottawa, ON K1A 0G5

Re: Annual report to Parliament on the Bretton Woods Institutions

Dear Minister Flaherty:

We would like to thank you for taking the initiative to revise the Annual Report to Parliament on the Bretton Woods Institutions (BWIs), and would ask that you convey our appreciation to the staff of the International Institutions branch of Finance Canada for consulting civil society on this matter. Those who were able to attend the meeting were encouraged by the proposed changes to the content and format of the report.

PDF of Full Report available here

Nous regrettons qu'en 2006, l'initiative d'Halifax n'a pas produit de version Francaise.

Report Card on the Canadian Department of Finance “2005 Report on Operations Under Bretton Woods and Related Agreements Act”

Introduction
Every year at the end of March,[1] the Department of Finance tables its report on the operations of the Bretton Woods Institutions (BWI) [2] before Parliament and details activities at these institutions in relation to Canadian priorities, commitments and interests. The reports provide some good background information on the institutions themselves, on emerging issues and challenges within the World Bank and International Monetary Fund (IMF), and some brief details on Canadian priorities and financial participation at these institutions.

March 24, 2006

The Honourable James Flaherty
Minister of Finance
Department of Finance Canada
140 O'Connor Street
Ottawa, ON K1A 0G5

Re: Multilateral Debt Relief Initiative

Dear Minister Flaherty,

Last July, at the Gleneagles Group of Eight (G-8) Summit the Canadian government agreed to cancel the debts of 18 developing countries through what has subsequently become known as the Multilateral Debt Relief Initiative (MDRI). The MDRI covers International Monetary Fund (IMF), International Development Association (IDA) and African Development Fund (AfDF) debt. While we welcomed the historic commitment to 100% debt cancellation, we were equally concerned that the initiative did not go far enough in terms of the countries covered and its foundation in the deeply flawed Heavily Indebted Poor Country (HIPC) Initiative.

February 28, 2006

The Honourable James Flaherty
Minister of Finance
Department of Finance Canada
140 O’Connor Street
Ottawa, ON K1A 0G5

Dear Minister Flaherty:

On behalf of the Halifax Initiative Coalition, I would like to congratulate you on your recent appointment as Minister of Finance. Over the past ten years, the Halifax Initiative has developed a good working relationship with the Department of Finance, and in the coming years we hope to strengthen this relationship.

December 15, 2005

The Honourable Ralph Goodale
Minister of Finance
House of Commons
Ottawa, ON,
K1A 0H5

Dear Minister Goodale,

The IMF is proposing to delay debt cancellation for 6 of the 18 countries that have already reached HIPC Completion Point. The IMF Board will decide to accept or reject the staff recommendation to further require 6 countries to undertake structural reforms next Wednesday.

We applauded your efforts in July and again in September to ensure that countries at, or upon reaching World Bank and International Monetary Fund "Completion Point" would receive immediate full cancellation of debts owed to the IMF, International Development Association and African Development Fund. The IMF is now proposing that at least 6 of the 18 have to wait to receive immediate debt cancellation until they further restructure their economies as per IMF advice.

Recieved December 21, 2005.

2005FIN174335

Mr. Graham Saul
International Program Director
Friends of the Earth Canada
Co-Chair of the Halifax Initiative Coalition
153 Chapel Street
Ottawa, ON KIN 1H5

Dear Mr. Saul:

Thank you for your correspondence of November 1, 2005 regarding the International Finance Corporation's (IFC) revision of its environmental and social safeguard policies.

The IFC's Policy and Performance Standards on Social and Environmental Sustainability are of fundamental importance not only for the operations of the IFC, but more broadly for the lead role that the IFC plays in setting standards for the private sector worldwide. Recognizing the importance of this IFC review, the Department of Finance has consulted closely with other government departments as well as with interested non-governmental organizations to formulate its recommendations.