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On the eve of the fourth Western Hemisphere Finance Ministers Meeting, Finance Minister Paul Martin, along with Minister for International Cooperation Maria Minna, today announced a significant Canadian financial commitment to help promote financial sector reform in the Caribbean.

"These meetings represent an important opportunity for all countries in the Western Hemisphere," said Minister Martin. "It is vital that we reinforce our ideas and approaches to issues such as economic stability, trade and globalization with resources."

Through the Canadian International Development Agency (CIDA), Canada will contribute $8 million to create the Caribbean Regional Technical Assistance Centre, which will open in July 2001. The new centre will supply technical expertise to Caribbean countries in areas such as budget management and financial sector supervision.

In addition, Minister Minna today announced a technical assistance program, which commits Canada to providing $5 million a year to help strengthen the integrity of financial sectors in the Caribbean and elsewhere. CIDA will be responsible for delivering and administering the funding.

"This initiative will allow small states to control their development and economic growth in times of rapid change," said Minister Minna. "This will give them the tools to better manage their economies."

Minister Martin will chair the meeting of Western Hemisphere Finance Ministers, which represents 34 countries and begins the first of a two-day session in Toronto tomorrow.

Among other issues, ministers will discuss the economic outlook for the hemisphere, approaches and practices with respect to globalization and economic integration, more open trade policy and combatting money laundering. As well, ministers will examine how new information and communications technologies can better meet the economic and social needs of people in all countries.

"As we move towards greater integration and interdependence in the Western Hemisphere, we must all continue to work together to strengthen the region’s financial systems," added Minister Martin.

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