logo

Minister of Finance to Co-Host G7 Finance Ministers and Central Bank Governors' Meeting in Banff

Canada Standard19-05-2025

May 14, 2025
As part of Canada's G7 Presidency, the Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, and Bank of Canada Governor Tiff Macklem, will co-host the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, from May 20 to 22. They will be joined by Finance Ministers and Central Bank Governors from the G7 countries (France, Germany, Italy, Japan, United Kingdom, United States) and the European Union.
G7 Finance Ministers and Central Bank Governors will be joined by the heads of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank and the Financial Stability Board. The Ukraine Finance Minister and the President of the Financial Action Task Force will join for parts of the meeting. Ministers and Governors will discuss and share views on current global economic and financial challenges, with a focus on how the G7 can work together on issues.
The details of the media events and core programming are described below.
Please note that media events are restricted to accredited media, and the accreditation portal is now closed. Additional logistical details for each media event will be provided directly to accredited media, closer to the events. Please contact mediag7@fin.gc.ca with any questions.
Core Program (All Times Local, MT)
Tuesday, May 20
4:00 p.m.
The Minister and the Ukraine Minister of Finance, Sergii Marchenko, will answer questions from the media.
Wednesday, May 21
8:15 a.m. - 8:45 a.m.
The Minister will join fellow G7 Finance Ministers and Central Bank Governors for a group photograph and hold a welcoming ceremony.
Open to media. Photo opportunity only.
9:00 a.m. - 9:15 a.m.
The Minister and Governor will officially open the G7 Finance Ministers and Central Bank Governors' Meeting.
Pooled B-roll media opportunity.
9:30 a.m. - 4:30 p.m.
The Minister and Governor will co-chair sessions on the global economy, economic resilience and security, and the situation in Ukraine, among others.
Closed to media.
Thursday, May 22
8:30 a.m. - 12:30 p.m.
The Minister and Governor will co-chair sessions on financial crime and artificial intelligence, among others.
Closed to media.
12:30 p.m. - 1:00 p.m.
The Minister and Governor will hold a joint press conference to close the G7 Finance Ministers and Central Bank Governors' Meeting.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tasha Kheiriddin: Liberals finally making Canada's defence a priority
Tasha Kheiriddin: Liberals finally making Canada's defence a priority

Calgary Herald

time5 hours ago

  • Calgary Herald

Tasha Kheiriddin: Liberals finally making Canada's defence a priority

Damn the torpedoes! Canada's Liberal government is taking aim at defence — and it's about time. Article content This week, Prime Minister Mark Carney announced that Canada will hit the NATO benchmark of 2 per cent of GDP on defence spending this year, instead of waiting for 2032, deploying an additional $9 billion in 2025-2026. Ever the banker, he's also deploying some accounting manoeuvres, shifting $16 billion from the ledgers of other departments to the defence budget to bring it up to the required amount. But that is in line with the tabulations of other NATO countries — and is something predecessor Justin Trudeau should have done, so that Canada would have appeared to be less of a defence laggard for the last decade. Article content Article content Article content But better late than never — and perhaps, just in time. Article content Article content Carney's announcement comes just weeks ahead of both the G7 summit he is hosting in Kananaskis, Alberta and a meeting of NATO leaders later this month in The Hague. The change sends a message to both U.S. President Donald Trump and E.U. allies that Canada means business on defence. Together with the government's border security bill announced earlier this week, Carney is paving the way for a trade deal, or at least some relief from tariffs, with the United States. Article content His spending boost will sit well with his recent pledge to join ReArm Europe, in light of upcoming NATO demands that members spend 5 per cent of GDP in coming years, instead of two. Carney also gets a gold star for actual change. The government will beef up salaries, recruitment and retention of troops, finally acknowledging that new equipment is pointless without skilled personnel. Ottawa will also overhaul the procurement process, a boost for the Canadian defence industry which could offset some of the costs to taxpayers through job creation and revenue. That could also help sell future spending hikes: while polling shows two thirds of Canadians support spending 2 per cent on defence, there's not much appetite for five. Article content Article content But as always, a landmine looms on the horizon: in this case, the infamous F-35 program. Article content Article content On Tuesday, Auditor-General Karen Hogan dropped a bombshell. Canada's planned fleet of 88 F-35 jets is now projected to cost nearly 50 per cent more. It has ballooned from $19 billion in 2022 to a staggering $27.7 billion in 2025, and that's before factoring in infrastructure upgrades, weapons and inflation. Hogan's audit was brutal: the Department of National Defence relied on outdated cost estimates, ignored improved data, and has no coherent contingency plan in place. Infrastructure to house the jets is running three years behind schedule, with some bases not expected to open until 2031. The RCAF is also short on qualified pilots — something it knew back in 2018, but which for the previous government was presumably not a priority. Article content Canada needs stealth fighters. We don't, however, need another lake of red ink. Instead of sticking with 88 F-35s at $27 billion-plus for the fleet, Canada should look at Sweden's Gripen, Boeing's Super Hornet, or a mix of planes. If Carney approves the F-35 as-is, that failure will become the focus, instead of his ambitious plans to rearm. Defence Minister David McGuinty hasn't committed to a review of the project, saying only that he'd ensure that the auditor general's recommendations will be 'fully integrated' into his department. But he should, especially now that Canada is also building stronger ties with Europe, be considering where some of these planes could be sourced.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store