Statement by Francois-Philippe Champagne, at the 113th Meeting of Development Committee held on April 16, 2026

Overview & Synopsis

This statement was delivered by the François-Philippe Champagne, Minister of Finance and National Revenue of Canada, on behalf of a multi-country constituency, comprising Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Ireland, Jamaica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. at the 113th Meeting of the Development Committee, held on April 16, 2026. The statement addresses the current global economic environment, marked by heightened uncertainty, inflationary pressures, and tighter financial conditions that disproportionately impact low-income countries and small island developing states (SIDS). It reaffirms the constituency's strong support for Ukraine against Russia's ongoing invasion, with Canada pledging a loan guarantee of up to 1 billion dollar and Ireland committing Euro 40 million in aid alongside Euro 25 million for energy infrastructure. On the Middle East, the statement calls for respect of international law, adherence to the ceasefire, and World Bank preparedness for Gaza reconstruction. On development priorities, the statement welcomes the World Bank's emphasis on quality job creation, particularly through private sector engagement and agribusiness in low-income countries, and calls for expanded economic opportunities for women and youth. It endorses the Bank's commitment to devote 45% of annual financing to climate action and urges the extension of the Climate Change Action Plan beyond June 2026, while also supporting the Mission 300 initiative for electricity access in Sub-Saharan Africa and advocating for a tailored strategy for small and vulnerable states. Regarding institutional matters, the statement encourages continued balance sheet optimization through hybrid capital, guarantees, and blended finance, and underscores the importance of mobilizing private capital at scale, especially in fragile and conflict-affected settings. It also highlights the Forum for Crisis Resilience, jointly launched by Canada and the World Bank, and calls for stronger coordination among multilateral development banks, the United Nations, and civil society to maximize impact and reduce duplication.