Amid growing global division and uncertainty, Canada is forging a stronger, more independent, and resilient economy by engaging strategically with international partners all while advancing a strong economic plan at home.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today completed a productive trip to Washington, D.C., where he participated in meetings of G7 and G20 Finance Ministers and Central Bank Governors, as well as the Spring Meetings of the International Monetary Fund (IMF) and World Bank Group.
Minister Champagne had constructive discussions with other leaders on a pragmatic and collaborative response to promote global macroeconomic and financial stability in the face of geopolitical tensions, including the conflict in the Middle East and Russia's illegal war against Ukraine.
As one of the co-chairs of the Group of Creditors of Ukraine (GCU), the Minister, alongside Roland Lescure, France's Minister of Finance, and Sergii Marchenko, Ukraine's Minister of Finance, signed the Memorandum of Understanding (MoU) on Debt Service Suspension of Ukraine, initiating the first phase of the financing assurances provided by creditors. They also reaffirmed their unwavering support for Ukraine's sovereignty, independence, and territorial integrity.
The Minister also signed an MoU with World Bank President Ajay Banga on a forthcoming US$1 billion guarantee to support lending to Ukraine and a Statement of Intent with European Bank for Reconstruction and Development President Odile Renaud-Basso on a forthcoming EUR200 million guarantee to support lending to Ukraine's energy sector.
On the margins of the Spring Meetings, the Minister met bilaterally with several partners and allies to discuss pressing economic issues amid the current global uncertainty, including counterparts from Belgium, Germany, Italy, Japan, the Kingdom of Saudi Arabia, Norway, Qatar, Singapore, Sweden, Ukraine, the United Arab Emirates, and the United Kingdom. Notably, he also met with U.S. Treasury Secretary Scott Bessent where they discussed trade and the impact of advanced AI technologies such as Anthropic's Mythos model on strategic sectors.
During his visit, Minister Champagne also met with business leaders to develop strategic partnerships and attract new investments to Canada as part of the federal government's efforts to diversify our trade relationships.
