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Canada Not Prepared to Make New Commitment to IMF Funding

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April 18 (Bloomberg) -- Canada is not prepared to make a bilateral commitment to increase funding for the International Monetary Fund, according to a finance department official.

The Canadian official, speaking to reporters on condition of anonymity, said Canada welcomes discussion of IMF funding at this week’s meeting of Group of 20 officials in Washington. Separately, Finance Minister Jim Flaherty said today European governments need to provide more funding to resolve the debt crisis in the region.

“Clearly, the Europeans need to step up to the plate much more than they have,” Flaherty told reporters in Toronto. “We think that the Europeans, the euro zone countries have not yet made the contributions they ought to make with their own resources.”

“The Europeans need to recapitalize their banks, and that’s not what IMF resources are used for.”

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net