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
Washington, D.C. – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, today announced Canada’s support for financial stability in developing countries at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
“Financial stability is essential for economic growth and development,” said Minister Hussen. “Canada is committed to supporting developing countries in their efforts to build strong and sustainable financial systems.”
Minister Hussen announced that Canada will contribute $20 million to the IMF’s Poverty Reduction and Growth Trust (PRGT). The PRGT provides financial assistance to low-income countries to support their economic growth and poverty reduction efforts.
Canada will also contribute $10 million to the World Bank’s International Development Association (IDA). The IDA provides grants and loans to low-income countries to support their development projects.
These contributions will help developing countries build strong and sustainable financial systems, reduce poverty, and promote economic growth.
“Canada is a strong supporter of the IMF and the World Bank Group,” said Minister Hussen. “We believe that these institutions play a vital role in promoting global economic stability and development.”
The 2024 Annual Meetings of the IMF and the World Bank Group are being held in Washington, D.C., from October 10-16, 2024. The meetings bring together finance ministers, central bank governors, and other senior officials from around the world to discuss global economic issues.
Contact
Ahmed Hussen Minister of Housing and Diversity and Inclusion 613-748-2422 Ahmed.Hussen@hrsdc-rhdsc.gc.ca
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