Report on operations under the Bretton Woods and Related Agreements Act, 2006 : Bretton Woods and related agreements act

Originally institutions that shared few of the details of their deliberations and operations with the public, the Fund and Bank have recently expanded the materials that they disclose, to the point where they are among the most open of international institutions. [...] Governors also set the target of achieving agreement on a broader range of second-stage reforms, including the revision of the IMF’s formula for determining member quotas, an increase in the level of basic votes4 and the possible introduction of a new lending instrument, no later than their Annual Meeting in the fall of 2008. [...] Indeed, a key element of the IMF’s Medium-Term Strategy is to improve the Fund’s analytic understanding of economic developments in individual member and the global economy, the candour of its assessments of its members’ policies, and the persuasiveness of Fund policy advice. [...] In line with our strong ties to the Caribbean through our constituencies at the Bretton Woods institutions, Canada strongly supports the Bank’ s plan to expand analytical work to develop screening tools to assess the nature of climate risks to development projects, build the capacity of institutions and communities to better cope with the risk of natural disasters, and support the development of n [...] The Minister exercises influence at these institutions through his statements at the spring and fall meetings of the International Monetary and Financial Committee of the Board of Governors of the IMF, and Development Committee of the Boards of Governors of the World Bank and IMF; his plenary statement at the IMF and World Bank Annual Meetings; votes on various policy and administrative issues; an