G7 Finance Ministers and Central Bank Governors conclude productive meeting in Banff
Canada News Centre
23 May 2025, 00:33 GMT+10
May 22, 2025 - Banff, Alberta - Department of Finance Canada
Today, G7 Finance Ministers and Central Bank Governors concluded their meeting in Banff, Alberta, which is part of Canada's 2025 G7 Presidency. The Honourable Francois-Philippe Champagne, Minister of Finance and National Revenue, and Tiff Macklem, Governor of the Bank of Canada, co-chaired the meeting.
Ministers and Governors reached agreement on a communique which emphasized, above all, the the importance of G7 unity in the face of complex global challenges. In advance of the Leaders' Summit next month in Kananaskis, Alberta, the meeting included a productive and frank exchange on the global economy, unsustainable global imbalances, and ways to promote growth and productivity.
Ministers and Governors agreed to: a G7 Financial Crime Call to Action to spur further concrete progress in tackling financial crime, including money laundering and terrorist financing. Canada will contribute $4.8 million in new technical assistance to developing economies so they can contribute to this effort;
support the expansion of the World Bank-led Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership to strengthen the integration of developing countries into critical minerals supply chains. Canada will contribute $20 million to support the expansion of the RISE Partnership, including in Latin America and the Caribbean;
address risks stemming from the large increase in low-value shipments imported into G7 markets; and
continued unwavering support to Ukraine, an agreement to continue to explore all possible options to hold Russia to account, including further ramping up sanctions, as well as efforts to foster private sector participation in the recovery and reconstruction of Ukraine.
Canada is a stable, reliable, and innovative partner with a wealth of natural resources and expertise. Through our G7 Presidency, we will shape the global agenda - working with allies and partners to grow our economies, defend Canadians' interests, and address the most pressing global challenges.
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