News Column

Canada Promotes Public Financial Management in the Caribbean

August 2, 2014

TORONTO, Aug. 2 -- Foreign Affairs, Trade and Development Canada, an arm of the Canadian government, issued the following news release:

Today, the Honourable Joe Oliver, Minister of Finance, announced on behalf of the Honourable Christian Paradis, Minister of International Development and La Francophonie, Canadian funding to enhance public financial management in the Caribbean and to provide technical assistance to Caribbean countries that want to strengthen their public finances. Minister Oliver made the announcement during the Caribana Toronto Festival.

The funding announced today will improve the capacity of national institutions to better manage public finances. The initiative will be implemented through the International Monetary Fund (IMF), which will work with governments to provide short-, medium- and long-term advice and training that would respond to difficult financial situations, such as recessions.

"This project is a special technical assistance fund for Caribbean countries facing economic challenges," said Minister Oliver. "I am proud that Canada promotes solid public financial management and helps stimulate economic prosperity, thus reducing poverty in the Caribbean."

"Canada is committed to helping strengthen the capacity of Caribbean countries to create and maintain the conditions for a dynamic, transparent and rules-based commercial and investment environment, which will help the region prosper going forward," said Minister Paradis. "Canada shares the Caribbean's vision of healthy and prosperous families, strong economies and increased opportunities for its citizens."

Quick Facts

- Canada has invested more than $4.6 billion in total international assistance in the Americas since the region was declared a foreign policy priority in 2007. Canadian international development assistance to the region reached nearly $400 million in 2012-2013.

- Canada's development program in the Americas focuses on one region, the Caribbean, and four countries, Peru, Colombia, Honduras and Haiti.

- Canada is a key development partner with considerable economic ties in the region. Canada's services exports to Caribbean Community (CARICOM) countries, totalling $1.1 billion, are in line with those of some of our largest trading partners. Canadian direct investment in the region is also large, totalling some $75.5 billion.

Related Products

- Backgrounder - Canada promotes enhanced public financial management in the Caribbean

- Address by Joe Oliver, Minister of Finance, to Announce Funding for Public Financial Management in the Caribbean

Associated Links

- International Monetary Fund

- DFATD Americas page

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Source: Targeted News Service

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