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Ottawa, July 7, 2001
2001-062

Minister Welcomes Call for World Bank Reform

Related documents:

• Fighting the Abuses of the Global Financial System, Report from G7 Finance Ministers to the Heads of State and Government.
• Strengthening the International Financial System and the Multilateral Development Banks, Report from G7 Finance Ministers to the Heads of State and Government

Finance Minister Paul Martin today welcomed the call for continued reform of the multilateral development banks – including the World Bank – by the Group of Seven (G-7) finance ministers.

"The multilateral development banks have made considerable progress in improving their efficiency and effectiveness over the last few years," said Minister Martin. "This progress must continue if they are to carry on in their crucial role combating poverty and supporting equitable, sustainable development."

The recommendations for reform are part of the report, Strengthening the International Financial System and the Multilateral Development Banks, released today by the G-7 finance ministers at their meeting in Rome, Italy.

Among the measures proposed in the report are calls for strengthened co-ordination among the multilateral development banks – including the World Bank and the European Bank for Reconstruction and Development – to avoid overlap or duplicated effort. As well, the report calls for improved internal governance particularly through increased transparency and accountability.

The G-7 report also recognizes the value of increased investment in critical social sectors, such as education and health, as being essential to sustained poverty reduction.

A second report, Fighting the Abuses of the Global Financial System, will also be released. It focuses on international efforts to combat money laundering and harmful tax practices, and the need for improved supervisory and regulatory practices in some offshore financial centres.

Both reports will be presented to a summit meeting of G-8 leaders later this month in Genoa, Italy.

The two G-7 finance ministers' reports released today can be obtained at www.fin.gc.ca, the Department of Finance Canada Web site.

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