Minister Hussen announces support for financial stability in developing countries at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group

From: Global Affairs Canada

News release

October 26, 2024 - Washington, D.C. - Global Affairs Canada

Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

Yesterday, the Honourable Ahmed Hussen, Minister of International Development concluded his participation at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington. While there, he announced a $20 million contribution to the Toronto Centre over five years.

Canada’s investment will expand the reach of the Toronto Centre’s tailored training to financial regulators in developing countries, including for women. Women continue to be less likely than men to have access to financial institutions, or even have their own bank account. Gender inclusive training can help break the cycle of gender-based poverty – changing lives and increasing women’s participation in the economy. The project focuses on Sub-Saharan Africa, the Indo-Pacific region and special assistance to Ukraine.

Minister Hussen also engaged with global partners, World Bank management and other key stakeholders, committed to working with Canada to improve accessing to finance for those who need it most, especially women, a priority under Canada’s Feminist International Assistance Policy. The World Bank Group is an important partner in funding development projects that help increase financial stability, making it easier for people to access financial services, and providing support in times of crisis.

Quotes

“Canada is proud to continue our partnership with the Toronto Centre. This Canadian powerhouse has a long track record of strengthening financial systems through their training and expertise. What this means is that more women and girls will get access to stable financial resources, unlocking the door to reaching their full potential. Together, Canada and the Toronto Centre will continue to build a more inclusive financial sector around the world.”

- Ahmed Hussen, Minister of International Development

“We are deeply grateful to Global Affairs Canada for their continued support since our inception in 1998. This timely funding renewal strengthens our ability to build capacity in emerging markets and developing economies in line with the sustainable development goals to spur financial resilience and inclusion, mobilize domestic resources, and alleviate poverty. Our foundational institution-building work strengthens financial regulatory environments, fostering sustainable growth and building global confidence.” 

- Babak Abbaszadeh, President and CEO, Toronto Centre

Quick facts

  • Canada is a founding member of the World Bank Group and the International Monetary Fund and is represented at their Boards by Canada’s Minister of Finance.

  • The WBG is Canada’s largest development partner institution. Since 1945, we have worked together in every major area of development and in boosting shared prosperity through inclusive, sustainable economic growth and development.

  • The Annual Meetings for the International Monetary Fund and the World Bank is an opportunity for the global community to come together and advance a range of issues related to poverty reduction and international economic development, while advancing the Sustainable Development Goals.

  • In June 2024, Prime Minister Justin Trudeau announced that Canada would purchase $274 million (US$200 million) in hybrid capital from the World Bank’s International Bank for Reconstruction and Development (IBRD). This innovative financing mechanism provides additional capacity for the Bank to provide loans to developing countries, with a leverage factor of 6.5 times. This means up to $1.8 billion in additional lending is available to help developing countries meet the SDGs - from improving education and health to reducing food insecurity and carbon footprints.

  • Canada is a founding member of the Toronto Centre and together, they have built a partnership that dates back to 1998.

  • The Toronto Centre has hosted regular side events within the IMF and World Bank Annual and Spring meetings.

  • Since inception in 1998, Toronto Centre has enhanced the capacity of more than 28,000 financial supervisors from 190 countries and territories to build more stable, resilient, and inclusive financial systems.

Associated links

Contacts

Olivia Batten
Press Secretary
Office of the Minister of International Development
Olivia.Batten@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
Follow us on X (Twitter): @CanadaDev
Like us on Facebook: Canada’s international development - Global Affairs Canada
Follow us on Instagram: @canadadev

Page details

Date modified: