Mr. Speaker, a few weeks ago I attended the 50th anniversary meetings of the IMF and World Bank.
Those institutions have served the world well. However the merit of the IMF imposed discipline on borrowing governments is now seriously being questioned. The World Bank's mandate of lending to governments is obsolete.
The direct alleviation of poverty increasingly is the job of private charitable organizations. Private capital flows dwarf the resources of the two institutions and effectively guard against governmental mismanagement of the economy.
These institutions are very expensive. The recently retired Canadian director of the World Bank earned an effective annual salary in excess of $350,000.
I urge the Government of Canada to take a tough stand on the future of these institutions at the next G-7 meeting in Halifax in March. A good case can be made that their job is done-