Finance committee  Thank you very much. We are here to discuss the amendments to the Bretton Woods and Related Agreements Act, which governs Canada's engagement with the International Monetary Fund, or IMF, and the World Bank Group, or WBG, and provides the Minister of Finance with authorities rel

Finance committee  There is consensus on the new ways to grant money to the IMF and the World Bank. A lot of countries do this. I will take the example of the bilateral loans that many countries made to the IMF following the crisis. It's just that in Canada there is no clause in the current legisla

Finance committee  It doesn't grant any new power. It just transfers authorities from different laws to the Bretton Woods act. That's all it does.

Finance committee  Yes, exactly.

Finance committee  Making the changes is a complicated endeavour. When the government authorized a $15-billion contribution to the IMF, it came to recognize the importance of making the changes. A large contribution was being made, so there was a desire to clarify things for future generations.