Public Accounts committee  Again, there's the funded portion and the unfunded portion. In the context of the unfunded portion, this liability is credited with an interest charge that we discount at a rate that is equivalent to a methodology, as applied by the OCG, of a 20-year weighted average of the gover

Public Accounts committee  There is no actual money; it's an unfunded obligation. But it is a line item, in the sense that we bring that interest expense into the government's income statement on an annual basis.

Public Accounts committee  Correct.

Public Accounts committee  If I understand the member's question correctly, as well as in terms of the accounting process that the Government of Canada respects, it is very much a leader in the context of the OECD in the sense that we fully recognize the liability associated with these plans, whether funde

Finance committee  No, it's completely comparable. The Paris Club, which is effectively G-20 representation, has a comparability of treatment for all countries. The Paris Club goes in unison to provide debt relief in the same terms to all countries, and that's effectively at 90%. The Government of

Finance committee  Exactly. This is the World Bank. It acts as a banking institution. We contribute share capital. It's able to leverage that share capital with a triple-A standing in capital markets, raise more money, and on-lend to developing world countries at favourable rates. Canada is the e

Finance committee  Well, World Bank programming is very diverse—

Finance committee  Well, in a continent like Africa, sometimes it can compose up to 90% of a sovereign's budget, and that's across infrastructure, health care, and education. The World Bank programming is exceptionally diverse and important.

Finance committee  I can try to answer that question. Just to position these payments in context, the Government of Canada provides debt relief to heavily indebted and poor countries in the context of our engagement in the Paris Club. We negotiate this debt relief agreement, but our exposures are h

Finance committee  Thanks for the question. I had this question at the Senate last night. I don't know if I hit a home run, so I'll try to explain it a little bit better. This is a payment to the World Bank, so the International Bank for Reconstruction and Development. Essentially we're calling i

Finance committee  We're working with experts like the UN Food and Agriculture Organization, essentially global experts in this space, to construct the prize, to go through a design phase. Right now were in that indicative period. That will be put out for tender globally, and with set criteria and

Finance committee  Yes, generally, right now we're in a fundraising period. We're trying to compel other donors to participate, and right now we're working with the Government of the U.K. and the Australian government and the World Bank and other UN institutions to essentially go through a fundrais

Finance committee  Exactly.

Finance committee  Exactly. The tangible example, again, with this seed variety technology is that we're looking for so many hectares of planted seed varieties in east Africa—so it's Sudan and Somalia-type geography—that would actually demonstrate effectiveness, and then we would pay out the prize

Finance committee  Yes, it's innovative financing in the official development space. So, again, contradictory to the general pull mechanism, this is actually trying to crowd in private sector financing to leverage its innovation and expertise.