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Ottawa, July 5, 2001
2001-060

Finance Associate Deputy Minister Nominated as Executive Director of the International Monetary Fund

Finance Minister Paul Martin today announced that Ian E. Bennett has been nominated for the position of Executive Director representing Canada, Ireland and the Caribbean countries at the International Monetary Fund (IMF), which is based in Washington, D.C.

"Mr. Bennett has agreed to undertake this important and challenging post at a critical time," said Minister Martin. "While much progress has been made in reforming the international financial system, there is more to be done. The IMF is at the core of these efforts and Mr. Bennett will be actively engaged in the process."

Mr. Bennett has held a number of senior positions with the Department of Finance and is currently Associate Deputy Minister of the Department. He has extensive experience in the field of international economic policy, having served as the G-7 Deputy for Canada between 1998 and 2000. In this capacity, he was involved in a wide range of policy issues, including the international community’s response to the Asian financial crisis and other major financial developments over the past several years.

In addition, as G-7 Deputy he was instrumental in the successful launch of the G-20, which was created in 1999 to foster a dialogue among a broad range of countries at different stages of economic and financial development.

It is expected that Mr. Bennett will assume his new position as IMF Executive Director for Canada in September 2001.

Mr. Bennett replaces Thomas A. Bernes, who has served with distinction as Canada’s Executive Director at the IMF since 1996. Mr. Bernes has been at the heart of recent efforts to improve the effectiveness and accountability of the IMF, chairing the group that created the new independent evaluation office.

"I want to extend my sincere personal thanks to Tom Bernes, and I know my colleagues in the other countries of our constituency will join me," said the Minister.

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