Debt Service Suspension Initiative ( DSSI ) was adopted in May 2020. To tackle the COVID-19 health and economic crisis, development banks suspended debt service payments from the poorest countries that asked this suspension. Thus 73 low- and lower-middle-income countries could devote to COVID-19 expenses the money they should have paid for their debts with these banks: US$ 4.6 billion. DSSI was further complemented by additional financing provided by the World Bank , the International Monetary Fund and other development banks. DSSI expired at the end of December 2021.
109-546: The countries which suspended their debt service under DSSI were Afghanistan, Angola, Burkina Faso, Burundi Cabo Verde, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Republic of Congo, Côte d'Ivoire, Djibouti, Dominica, Ethiopia, Fiji, The Gambia, Grenada, Guinea, Guinea-Bissau, Kenya Kyrgyz Republic, Lesotho, Liberia, Madagascar, Malawi, Maldives, Mali, Mauritania, Mozambique, Myanmar Nepal, Niger, Pakistan, Papua New Guinea, Samoa, São Tomé and Príncipe, Senegal, Sierra Leone, St. Lucia, St. Vincent and
218-578: A member of Parliament for the Montreal riding of LaSalle—Émard in 1988 . Martin ran for leader of the Liberal Party in 1990 , losing to Jean Chrétien . Martin would become Chrétien's longtime rival for the leadership of the party, though was appointed his minister of finance after the Liberal victory in the 1993 federal election . Martin oversaw many changes in the financial structure of
327-564: A diplomatic row with the United States administration after accusing, with Bill Clinton , the US of not listening to global environmental concerns . Martin rejected US Ambassador David Wilkins 's rebuke and said he was standing up for Canada's interests over softwood and other issues. Martin promoted the expansion of the G8 into a larger group of twenty nations, G20 , whose inaugural chairman
436-464: A halt, scaling down government to 1951 levels. In 1994–96, when these cuts were made, economic growth decreased by 3.5 percentage points, according to a study by CIBC-Wood Gundy. The resulting loss in tax revenue almost eliminated the savings made by the cuts and turned the economy away from the public sector toward the private sector. The cuts endangered the provinces' abilities to pay for social programs, health care, and public infrastructure. In response,
545-594: A high level principles document to member countries to help facilitate the agenda's implementation. Japan hosted the 2019 summit , The 2020 summit was to be held in Saudi Arabia, but was instead held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the presidency of Saudi Arabia. 2021 G20 Rome summit which was held in Rome, the capital city of Italy , on 30–31 October 2021. Indonesia held
654-570: A judicial inquiry called to investigate what came to be known as the Sponsorship Scandal , and nominated John Gomery to head it. During his term, Martin appeared as himself in a fictional, comedic context in several programs, including an episode of the CTV sitcom Corner Gas in 2006, and also in the CBC mockumentary series Jimmy MacDonald's Canada in 2005. The Liberals were facing
763-715: A landslide majority government in the 1993 election . After the Liberals formed the government, Martin was chosen as minister of finance by Prime Minister Chrétien. At the time, Canada had one of the highest budgetary deficits of the G7 countries. Standard & Poor's had lowered its rating on Canada's foreign-denominated government debt from AAA to AA-plus in 1992, and in 1994, Moody's lowered its rating on Canada's foreign currency debt from Aaa to Aa1, partly due to Canada's growing public debt. In his debut as finance minister, Martin made huge budget cuts that almost ground economic growth to
872-524: A meeting of G8 finance ministers, US President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008 . The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders' summit and implement their decisions, was created as a response both to the 2007–2008 financial crisis and to a growing recognition that key emerging powers were not adequately included in
981-530: A minority situation, the first since Joe Clark 's tenure in 1979–80. The Martin government faced combined challenges from Quebec separatism and general hostility arising from the Sponsorship Scandal. The first test of the Liberal minority came following the Speech from the throne on October 5, 2004. The Conservatives announced plans to move an amendment to the speech. In this they were supported by
1090-467: A new united Conservative Party led by Stephen Harper , while the Bloc Québécois and NDP were also buoyed by the Sponsorship Scandal. Martin advised Governor General Adrienne Clarkson to call an election for June 28, 2004. The Liberals were also hampered by their inability to raise campaign money competitively after Chrétien passed a bill in 2003 that banned corporate donations, even though
1199-482: A new world order, in which the G20 would become the global economic steering committee. The ADB furthermore noted that Asian countries had led the global recovery following the late-2000s recession . It predicted that the region would have a greater presence on the global stage, shaping the G20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand. Typically, several participants that are not full members of
SECTION 10
#17327647378791308-455: A new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it. The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner . According to the political economist Robert Wade : "Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to
1417-472: A pledge not to raise taxes, hurt the federal party's numbers in Ontario, as did a weak performance from Martin in the leaders' debates. The Conservatives soon took the lead, prompting some predictions of an imminent Harper government. The Liberals managed to narrow the gap and eventually regain momentum. Martin was successful in winning a plurality of seats to continue as the government, though they were now in
1526-455: A proposal for overhauling the CPP, which was presented to Parliament and was approved soon after, averting a pension crisis. While Martin's record as finance minister was lauded in business and financial circles, there were undeniable costs. Some of these took the form of reduced government services, affecting the operations and achievement of the mandate of federal and provincial departments. This
1635-524: A report from Auditor General Sheila Fraser on February 9, 2004, indicating that sponsorship contracts designed to increase the federal government's status in Quebec resulted in little to no work done. Many of the agencies had Liberal ties, and roughly $ 100 million of the $ 250 million in program spending went missing. The scandal hurt Martin's popularity, especially in Quebec, where Bloc Québécois leader Gilles Duceppe even accused Martin of planning to widen
1744-612: A review vote in January 2003. During the fall, Chrétien announced that he would step down in the spring of 2004 after less than half of caucus agreed to sign a commitment supporting him. The Liberal party called a leadership convention for the fall of 2003, to be held in Toronto. Several other potential leadership contenders, such as Brian Tobin and Allan Rock , declined to enter the contest. John Manley's attacks on Martin's refusal to disclose his campaign contributors did little to dent
1853-598: A series of meetings between the finance ministers of all provinces to discuss the pending crisis in the Canada Pension Plan (CPP). Consequently, Martin oversaw the creation of a general public consultation process in February 1996 that eventually led to major structural reform of the CPP. The results of this public consultation process were collected and analyzed by the Finance department. Eventually, it led to
1962-443: A serious challenge, but Martin began to gain support from those who began to disagree with Chrétien. Chrétien, however, resolved to stay on after the Liberals were reelected in 2000, having regained much of the ground lost in 1997. By this time, Martin had gained control of much of the party machinery. The conflict between the two men reached a peak in 2002. Martin left Cabinet, being replaced by John Manley as finance minister. There
2071-671: A similar status to Spain while the rotating presidency of the Council of the European Union would also receive an invitation, but only in that capacity and not as their own state's leader (such as the Czech premiers Mirek Topolánek and Jan Fischer during the 2009 summits). The initial G20 agenda, as conceived by US, Canadian and German policymakers, was very much focused on the sustainability of sovereign debt and global financial stability, in an inclusive format that would bring in
2180-465: A temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. Together with the previous and following presidency a so-called troika is formed, to provide a smooth transition of secretariat functions. The 2022 summit was held in Bali , Indonesia . India was the chair in 2023 and hosted the 2023 summit . Brazil is the current chair and will host
2289-534: A vote of no confidence, and they combined their votes to shut down the House of Commons early for two days in a row. The Speaker of the House of Commons later ruled in favour of the Liberal stance. On May 17, 2005, MP Belinda Stronach crossed the floor from the Conservative Party and joined the Liberal Party to become Minister of Human Resources and Skills Development . Martin claimed Stronach's move
SECTION 20
#17327647378792398-428: A written promise that Newfoundland and Labrador and Nova Scotia under a Conservative government would receive 100 percent of the revenue generated from their natural resources without an equalization clawback, a promise he reneged upon when elected Prime Minister. NDP leader Jack Layton followed suit soon after with a similar guarantee, and later Martin promised that under a Liberal government both provinces would receive
2507-603: A year, with summits involving each member's head of government or state , finance minister , or foreign minister , and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank . Other countries, international organizations , and nongovernmental organizations are invited to attend the summits, some permanently. In 2023, during its 2023 summit ,
2616-532: Is a Canadian lawyer and politician who served as the 21st prime minister of Canada and the leader of the Liberal Party of Canada from 2003 to 2006. The son of former senator and secretary of state for external affairs Paul Martin Sr. , Martin was a lawyer from Ontario before he became president and the chief executive officer of Canada Steamship Lines in 1973. He held that position until his election as
2725-567: Is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy , such as international financial stability , climate change mitigation and sustainable development , through annual meetings of Heads of State and Heads of Government . The sovereign states of the G20 (without its international members, like
2834-493: Is in Group 5, held the G20 chair. The table below lists the nations' groupings: To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries. The G20 operates without a permanent secretariat or staff. The group's chair (the presidency) rotates annually among the members and is selected from a different regional grouping of countries. The incumbent chair establishes
2943-765: Is now the World Trade Organization . The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. Canadian finance minister Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the meeting. A 2004 report by Colin I. Bradford and Johannes F. Linn of
3052-465: Is some question about whether Martin resigned or Chrétien had him dismissed. Being out of Cabinet was likely a boost to Martin's campaign as he was no longer obligated to disclose his donors. Soon after, Martin declared his intention to run as leader of the Liberal Party at the next party convention. Over the summer of 2002, Martin toured the country campaigning to succeed Chrétien while his Liberal organizers prepared to challenge Chrétien's leadership during
3161-405: Is to ensure uniformity of public service provision across the nation. This was received well in "have-not" provinces, but Nova Scotia and Newfoundland and Labrador sought to retain income from natural resources on federal marine territory that would generally be taken, or 'clawed back', by the federal treasury in lieu of equalization payments. In the 2004 federal election campaign, Harper provided
3270-545: The 2022 summit in November 2022. During its presidency, Indonesia focused on the global COVID-19 pandemic and how to collectively overcome the challenges related to it. The three priorities of Indonesia's G20 presidency were global health architecture, digital transformations, and sustainable energy transitions. The G20 Presidency of Indonesia, in partnership with the Pandemic Fund secretariat, also officially launched
3379-572: The 2024 summit . Additionally because of the lacking of a permanent secretariat the G20 has been relying on the OECD for more institutional competences substituting permanent secretariat functions. In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G20 secretariat, similar to the United Nations . Seoul and Paris were suggested as possible locations for its headquarters . Brazil and China supported
Debt Service Suspension Initiative - Misplaced Pages Continue
3488-514: The African Union joined as its 21st member and was officially represented at the 2024 G20 summit in Brazil . In its 2009 summit , the G20 declared itself the primary venue for international economic and financial cooperation. The group's stature has risen during the subsequent decade, and it is recognised by analysts as exercising considerable global influence; it is also criticised for its limited membership, lack of enforcement powers, and for
3597-679: The Armed Forces , the environment and a national child-care program. Public hearings of the Gomery Commission inquiry into the sponsorship scandal involving alleged kickbacks and "donations" from Quebec advertising agencies and corporations to Liberal Party operatives led to a drop in the Liberal Party's popularity. The security of the minority government came under fire as the Conservatives threatened to force an election by use of their "opposition day," when they get to set
3706-495: The Bank of Canada lowered interest rates to avoid contributing to a growing recession, causing a huge spurt of economic growth and resulting increase in government revenue. In 1998, Martin introduced a balanced budget, an event that had occurred only twice in 36 years before 1997. In 2002, Moody's and Standard and Poor's restored Canada's domestic and foreign currency debt ratings to AAA. During his tenure as finance minister, Martin
3815-607: The Brookings Institution asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7. However, Bradford later described then- Finance Minister of Canada (and future Prime Minister of Canada ) Paul Martin as "the crucial architect of the formation of the G20 at finance minister level", and as the one who later "proposed that the G20 countries move to leaders level summits". Canadian academic and journalistic sources have also identified
3924-699: The Debt Service Suspension Initiative , through which official bilateral creditors suspended debt repayments of 73 of the poorest debtor countries. The G20 countries account for almost 75% of global carbon emissions. After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance" were added to the G20 agenda: migration, digitisation , employment, healthcare,
4033-568: The Federation of Canadian Municipalities a GST rebate and was about to supply to them a portion of the federal gasoline tax ; the programme was called "New Deal for Cities and Communities". This was a left-over of his time as Minister of Finance, spurred by continued carping by academics, some of whom did not hesitate to note in 2004 that "[u]nlike the federal and provincial governments, municipalities cannot borrow for operating purposes; they can only do so for capital expenditures." At
4142-738: The First Ministers' Meeting of September 13–15, 2004, Martin and the provincial premiers reached an agreement on increased funding for healthcare. This 10-year plan outlined $ 18 billion in increased transfers to the provinces over 6 years, notably through increases in the CHT: Martin also introduced changes to the equalization program, under which the Federal Government is constitutionally obligated to redistribute federal revenue to provinces having less ability to raise revenues through taxation than wealthier provinces. The goal
4251-411: The G7 , BRICS and MIKTA . Total GDP figures are given in millions of US dollars. In September 2023, at the 18th G20 Summit , Indian PM Narendra Modi announced that the African Union has been included as a member of the G20, making it the 21st member. In addition to these 21 members, the chief executive officers of several other international forums and institutions participate in meetings of
4360-636: The Health Impact Fund , where he serves as a member of the advisory board. He also sits as an advisor to Canada's Ecofiscal Commission . Martin was born at Hôtel-Dieu of St. Joseph Hospital in Windsor, Ontario , and grew up in Windsor and Ottawa. His father, Paul Martin Sr. , a Franco-Ontarian of Irish and French descent, served 33 years as a member of the House of Commons of Canada , and
4469-820: The International Labour Organization , the International Monetary Fund , the Organisation for Economic Co-operation and Development , the United Nations , the World Bank Group and the World Trade Organization are invited and participate in pre-summit planning within the policy purview of their respective organisation. Other invitees are chosen by the host country, usually one or two countries from its region. For example, South Korea invited Singapore. International organisations which have been invited in
Debt Service Suspension Initiative - Misplaced Pages Continue
4578-578: The Mexican peso crisis and followed by the 1997 Asian financial crisis , the 1998 Russian financial crisis , and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital Management in the autumn of 1998. It illustrated to them that in a rapidly globalizing world, the G7, G8 , and the Bretton Woods system would be unable to provide financial stability, and they conceived of
4687-557: The November 2003 leadership election . Martin easily won the leadership and in the following month, became prime minister. In the 2004 federal election , the Liberal Party retained power, although only as a minority government due to the Liberal Party's sponsorship scandal that began in the late 1990s. Martin's government signed the Kelowna Accord to improve living conditions for indigenous peoples , reached an agreement with
4796-711: The Senate passed it in July 2005, and it received Royal Assent on July 20 of the same year. This made Canada the fourth country in the world to allow same-sex marriages. In November 2005, the Martin government reached a historic consensus with Canada's provinces, territories, First Nations, Métis and Inuit. Known as the Kelowna Accord , it aimed to eliminate the gaps between Aboriginal and non-Aboriginal Canadians in health, education, housing and economic opportunity. On February 24, 2005, Foreign Affairs Minister Pierre Pettigrew told
4905-681: The United Kingdom , the United States , the European Union and the African Union . Guest invitees include, amongst others, Spain , the United Nations , the World Bank and ASEAN . Representatives include, at the leaders' summits, the leaders of nineteen countries, the African Union and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of nineteen countries,
5014-513: The 32-year-old executive assistant to Power Corporation Chief Executive Officer (CEO) Maurice Strong , was appointed to the CSL board of directors. In 1971, CSL minority shareholders sold outstanding shares to Power Corporation, making CSL a Power Corporation subsidiary. CSL suffered losses in 1972 when forced to cover unexpected cost overruns in the construction of three 80,000-ton ocean-going tankers at Davie Shipbuilding. On November 22, 1973, Martin
5123-713: The African Union and of the European Union. In addition, each year, the G20's guests include Spain; the Chair of ASEAN; a representative of the New Partnership for Africa's Development (NEPAD) and a country (sometimes more than one) invited by the presidency, usually from its own region. The first of the tables below lists the member entities and their leaders, finance ministers and central bank governors. The second table lists relevant statistics such as population and GDP figures for each member, as well as detailing memberships of other international organizations, such as
5232-651: The Antalya Action Plan and commitments to financial stability , tax regulation, and energy policy . In 2016, the G20 framed its commitment to the 2030 Agenda, Sustainable Development Goals in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-income and developing countries . At the G20 Summit in Hangzhou, members agreed on an action plan and issued
5341-483: The Canadian government, and his policies had a direct effect on eliminating the country's chronic fiscal deficit by drastically cutting spending and reforming various programs including social services. In 2002, Martin resigned as finance minister when the tension with Chrétien reached its peak. Martin initially prepared to challenge Chrétien's leadership, though Chrétien announced his intention of retiring, triggering
5450-422: The EU or AU) account for around 85% of gross world product (GWP), 75% of international trade , 56% of the global population , and 60% of the world's land area . Including the EU and AU, the G20 comprises 78.9% of global population and 83.9% of global CO 2 emissions from fossil energy . The G20 was founded in 1999 in response to several world economic crises. Since 2008 , it has convened at least once
5559-716: The G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Mérida, Mexico, on May 16 at the 4th G20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's Visa Impact Research, later on
SECTION 50
#17327647378795668-476: The G20 Social, a place where for the first time the organization will bring the civil society into the debate where it can participate and contribute to discussions and policy formulations regarding to the summit. To decide which member nation gets to chair the G20 leaders' meeting for a given year, all country members are assigned to one of five different groupings, with all but one group having four members,
5777-562: The G20 are extended invitations to participate in the summits. Permanent guest invitees are: the government of Spain ; the Chair of the Association of Southeast Asian Nations and a representative of the New Partnership for Africa's Development are invited in their capacities as leaders of their organisations and as heads of government of their home states. In addition, the leaders of the Financial Stability Board ,
5886-404: The G20 as a project initiated by Martin and his American counterpart then- Treasury Secretary Larry Summers . All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality. Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with
5995-526: The G20 countries' evolving agenda under India's presidency, shifting toward a human-centric development approach that aligns with the concerns of the Global South , including addressing climate change , debt restructuring through the G20's Common Framework for debt, and a strategy for regulation of global cryptocurrencies . G20 expanded by the inclusion of African Union , it is also the first inclusion since 1999. The Brazilian presidency launched
6104-413: The G20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G20 membership and the composition of the group has remained unchanged since it was established. Because of the objectives of the G20, it was considered important that countries and regions of systemic significance for
6213-674: The G20. These include the managing director and Chairman of the International Monetary Fund , the President of the World Bank , the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee . The G20's membership does not reflect exactly the 21 largest economies of the world in any given year; as the organization states: In a forum such as
6322-456: The Gomery findings, NDP leader Jack Layton notified the Liberals of conditions for the NDP's continued support; the terms of these conditions are unclear, but the two parties were unable to come to an agreement. An opposition proposal schedule an election for February 2006 in return for passing several pieces of legislation was also unrealized. The Conservatives, supported by the other two opposition parties (the NDP and Bloc Québécois), introduced
6431-502: The Grenadines, Tajikistan, Tanzania, Togo, Tonga, Uganda, Yemen and Zambia. Each beneficiary country will be required: response to the crisis; sensitive information; and After DSSI (a provisional scheme) expired, the G20 established a permanent mechanism to help low-income countries dealing with huge debt: the Common Framework. But only four countries have asked to restructure their debt under this mechanism: Chad, Ethiopia, Zambia and Ghana. G20 The G20 or Group of 20
6540-538: The House of Commons that Canada would not participate in the American National Missile Defense Program , and that he expected to be consulted in the case of a missile being launched over Canadian airspace. Martin's decision met with much praise, but others saw that the government was distancing itself from the U.S. His government continued to cooperate with the United States on border control, refugee claimants, and defense, and he appointed seasoned Liberal politician Frank McKenna as Canada's ambassador to Washington. Martin
6649-568: The Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth." In March 2014,
SECTION 60
#17327647378796758-416: The Liberal leadership convention, capturing 3,242 of 3,455 votes. He had won the leadership almost unopposed, due to his hold on the party machinery, and because Chrétien supporters did not rally around either of the leadership opponents. Simon Fraser University professor Doug McArthur has noted that Martin's leadership campaign used aggressive tactics for the 2003 leadership convention, in attempting to end
6867-465: The Liberals had enjoyed by far the lion's share of this funding due to the then-divided opposition parties. It has been suggested that Chrétien, who had done nothing about election financing for his 10 years in office, could be seen as the idealist as he retired, while his rival and successor Martin would have the burden of having to fight an election under the strict new rules. An unpopular provincial budget by Liberal Premier Dalton McGuinty , who broke
6976-458: The Meech Lake Accord and, as a result, Chrétien was generally unpopular in his home province for the next decade. Even before the Liberals' second electoral victory in the 1997 election , there was much speculation in the media and in Ottawa that Martin was after Chrétien's job and wanted to force him to retire. As the Liberals emerged with a smaller majority government after the 1997 election, it seemed unlikely that any opposition party could pose
7085-526: The Pandemic Fund at a high-level event. The Pandemic Fund to be expected as a key part of the solution for reducing risks from epidemics and pandemics in the most vulnerable parts of the world and contributing to a healthier and safer world India held the 2023 summit in September 2023. The presidency's theme was Vasudhaiva Kutumbakam ( Sanskrit : वसुधैव कुटुम्बकम् ; English :"One Earth, One Family, One Future" ). In an interview on 26 August 2023, Prime Minister Narendra Modi expressed optimism about
7194-401: The Parliament's agenda. The Conservatives would use this time to hold a vote of no confidence in order to topple Martin's government. To avoid this, Martin removed all opposition days from the schedule and made a televised appearance on April 21, 2005, to attempt to gain support from the Canadian people to let the inquiry run its course before an election was called. In the rebuttal speeches by
7303-419: The St. Lawrence seaway to benefit his own Canada Steamship Lines . The scandal also cast skepticism on Martin's recommendations for Cabinet appointments, prompting speculation Martin was simply ridding the government of Chrétien's supporters to distance the Liberals from the scandal. Martin acknowledged that there was political direction but denied involvement in, or knowledge of, the sponsorship contracts. He had
7412-447: The World Bank and IMF, and the impact of demographic changes. In 2007, South Africa hosted the secretariat with Trevor A. Manuel , South African Minister of Finance as chairperson of the G20. In 2008, Guido Mantega , Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy , economic development and fiscal elements of growth and development. On 11 October 2008 after
7521-425: The age of eight (like his father, who contracted the disease in 1907). To give him the opportunity to improve his French, his parents enrolled him in a private French-language middle school , École Garneau, in Ottawa. Martin then briefly attended the University of Ottawa before transferring and graduating from St. Michael's College at the University of Toronto with a B.A. in history and philosophy in 1961. He
7630-404: The alleged undermining of existing international institutions. Summits are often met with protests, particularly by anti-globalization groups . The G20 is the latest in a series of post– World War II initiatives aimed at international coordination of economic policy, which include institutions such as the " Bretton Woods twins ", the International Monetary Fund and the World Bank , and what
7739-606: The coal-generated electricity in the world. Wolfgang Schäuble , German Federal Minister of Finance , had insisted on the interconnected nature of the issues facing G20 countries, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures: "Globalization has lifted hundreds of millions out of poverty, but there is also a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked" Paul Martin Paul Edgar Philippe Martin (born August 28, 1938), also known as Paul Martin Jr. ,
7848-428: The contest before it could start by giving the impression that his bid was too strong. McArthur blamed Martin's tactics for the ongoing sag in Liberal fortunes, as it discouraged activists who were not on side. On December 12, 2003, Martin was appointed by then-Governor General Adrienne Clarkson as the 21st Prime Minister of Canada. When sworn in as prime minister, Martin held the flag that flew on Parliament Hill when
7957-466: The convention to protest Chrétien's victory. The Meech Lake accord was officially defeated just one day before the Liberal leadership was to be decided. In the House of Commons, Lapierre then crossed the floor to the newly formed Bloc Québécois . After the leadership convention, Martin co-authored the election platform Creating Opportunity , colloquially known as the Red Book . The Liberal Party won
8066-564: The core of global economic discussion and governance. Additionally, G20 summits of heads of state or government were held. After the 2008 debut summit in Washington, DC, G20 leaders met twice a year: in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010. Since 2011, when France chaired and hosted the G20, the summits have been held only once a year. The 2016 summit
8175-493: The deal and declare for or against it. When Chrétien refused to endorse the deal, young Liberal delegates crowding the hall began to chant "vendu" ("sellout" in French) and "Judas" at Chrétien. Chrétien was upset at the response from the floor and another similar outburst by Martin supporters at the convention when Chrétien accepted the party leadership. Jean Lapierre and his supporters, who supported Martin, wore black armbands at
8284-407: The defeat, Martin stepped down as Liberal leader and declined to seek re-election in 2008 . Evaluations of Martin's prime ministership have been mixed, whereas his tenure as finance minister is viewed more favourably. Now seen as a global diplomat, Martin continues to contribute on the international arena through a variety of initiatives such as Incentives for Global Health, the not-for-profit behind
8393-412: The deficit in two years through economic growth alone, without the reduction in services. Chrétien and Martin frequently clashed while in office. It was reported that Chrétien privately often condemned Martin in bitter terms and had never forgiven Martin for running against him in the Liberal leadership convention of 1990. During that bitter contest, Martin had forced Chrétien to declare his opposition to
8502-533: The economic empowerment of women, development aid and stopping climate change . The G20 countries account for almost 75% of the global carbon emissions and promised in 2009 to phase out 'inefficient subsidies'. Despite these promises G20 members have subsidised fossil fuel companies over $ 3.3 trillion between 2015 and 2021, with several states increasing subsidies; Australia (+48.2%), the US (+36.7%), Indonesia (+26.6%), France (+23.8%), China (+4.1%), Brazil (+3.0%), Mexico (+2.6%). China alone generates over half of
8611-407: The elder Martin died. Both father and son had served as Cabinet ministers and contested the Liberal leadership on multiple occasions; their attempts from 1948 to 1990 were unsuccessful. Martin's election as leader and becoming prime minister was described as fulfilling a family dream. Both also earned the honorific prefix The Right Honourable . One difference between them was that Paul Sr. was one of
8720-406: The establishment of a secretariat, while Italy and Japan expressed opposition to the proposal. South Korea proposed a "cyber secretariat" as an alternative. As of 2023 , there are 21 members in the group: Argentina , Australia , Brazil , Canada , China , France , Germany , India , Indonesia , Italy , Japan , Mexico , Russia , Saudi Arabia , South Africa , South Korea , Turkey ,
8829-780: The former Australian foreign minister Julie Bishop , when Australia was hosting the 2014 G20 summit in Brisbane , proposed to ban Russia from the summit over its annexation of Ukrainian Crimea . The BRICS foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character." The 2015 G20 Summit in Antalya , Turkey, focused on "Inclusiveness, Investment, and Implementation," gathering leaders to address global economic challenges, development, climate change , and urgent issues like terrorism and refugees. Key outcomes included
8938-495: The government, following the tradition that the Speaker votes to continue debate, and that allowed the budget to pass through the House on May 19, 2005. Same-sex marriage proved to be a defining issue of Martin's mandate. Martin opposed same-sex marriage in a 1999 vote on the issue along with a majority of MPs, but changed his stance on the issue in 2004, citing recent court rulings and his personal belief that same-sex marriage
9047-486: The international financial system be included. Aspects such as geographical balance and population representation also played a major part. A 2011 report released by the Asian Development Bank (ADB) predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report claimed that the rise of emerging market economies heralded
9156-540: The largest developing economies as equal partners. During a summit in November 2008, the leaders of the group pledged to contribute trillions to international financial organizations, including the World Bank and IMF, mainly for re-establishing the global financial system. Since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth , international trade and financial market regulation. The G20 has led
9265-404: The latter's commanding lead and Manley eventually conceded the race. This left no strong candidate for Chrétien supporters to rally around, and some of them grudgingly voted for Martin. On September 21, 2003, Martin easily defeated his sole remaining opponent, former Deputy Prime Minister Sheila Copps , securing 93 percent of the party delegates. On November 14, 2003, he was declared the winner at
9374-429: The most left-wing members of the party, while Paul Jr. is considered on the right-wing. When he was sworn in, Martin's new cabinet retained only half the ministers from Chrétien's government, a noteworthy break in tradition from previous instances where a retiring prime minister handed over power to his successor as party leader. Martin and his supporters exercised control over the riding nomination process, breaking with
9483-475: The move, while accusations that her husband had both dined with former members of the terrorist organization FLQ and been supportive of Quebec separatism surprised others. Subsequent to her appointment, she reaffirmed her commitment to federalism and the issue died down. The first volume of the Gomery Report, released on November 1, 2005, cleared Martin of any wrongdoing while placing some blame for
9592-490: The opposition party leaders, Layton offered his party's support provided that they were given major concessions in the budget such as canceling the proposed corporate tax cuts. Days later, the Liberals took the NDP up on their offer and negotiated tax cut deferments and new spending initiatives. Among the new commitments was aid for Sudan , which Sudan's officials turned down as Martin did not consult them about it beforehand. This aid
9701-424: The other G7 finance ministries; and the invitations to the first meeting went out." The G20's primary focus has been governance of the global economy . Summit themes have varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, reform of
9810-570: The other having three. States from the same region are placed in the same group, except Group 1 and Group 2. All countries within a group are eligible to take over the G20 Presidency when it is their group's turn. Therefore, the states within the relevant group need to negotiate among themselves to select the next G20 President. Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which
9919-952: The past include the Asia-Pacific Economic Cooperation (APEC), the Basel Committee on Banking Supervision (BCBS), the Commonwealth of Independent States (CIS), the Eurasian Economic Community (EAEC), the European Central Bank (ECB), the Food and Agriculture Organization (FAO), the Global Governance Group (3G) and the Gulf Cooperation Council (GCC). Previously, the Netherlands had
10028-575: The position open. Martin was a candidate at the 1990 Liberal Party of Canada leadership election , losing to Jean Chrétien in a bitter race that resulted in lasting animosity between the two men and their supporters. A key moment in that race took place at an all-candidates debate in Montreal, where the discussion quickly turned to the Meech Lake Accord . Martin, favouring Meech, attempted to force Chrétien to abandon his nuanced position on
10137-421: The precedent to automatically sign the nomination papers of backbenchers and former ministers who wanted to run for reelection. While these were signs of open party infighting, this had little impact on Martin's record popularity, with several pundits suggesting that the cabinet change was meant to present a new government different from Chrétien's ten-year tenure. Martin and the Liberals were adversely affected by
10246-515: The provinces on increased funding for healthcare, and legalized same-sex marriage . In 2005, the opposition parties in the House of Commons passed a motion of no confidence contending that Martin's government was corrupt after the Gomery Commission released new details regarding the sponsorship scandal; this triggered the 2006 federal election , which saw the Liberals being defeated by the newly unified Conservative Party led by Stephen Harper , ending over 12 years of Liberal rule. Shortly after
10355-545: The same deal, except only for oil resources. Negotiations over the agreement were harsh, with Newfoundland and Labrador Premier Danny Williams at one point ordering all Canadian flags removed from provincial government buildings in December 2004. The dispute was resolved when the federal government agreed to Martin's original campaign promise. The 2005 federal budget was presented in the House of Commons on February 23, 2005. The budget included an array of new spending for
10464-508: The scandal on Chrétien for lack of oversight, although it acknowledged that Chrétien had no knowledge of the scandal. On June 26, 2008, Chrétien was cleared of all allegations of involvement in the scandal. A Canadian judge issued a gag order that barred Canadian media from covering the hearings of the Gomery Inquiry . Despite this, leaked information circulated after being published in an American blog Captain's Quarters . After
10573-599: The separatist Bloc Québécois and the New Democratic Party . The fall of the government was averted only after agreement on a watered-down version of the amendment. Martin invested heavily in Quebec, for example with the Bombardier Inc. C series project, which was later taken over by Airbus when the owner got into financial difficulties and called the Airbus A220 . By June 2005 Martin gave
10682-410: Was a Cabinet minister in the Liberal governments of Prime Ministers W. L. Mackenzie King , Louis St. Laurent , Lester B. Pearson , and Pierre E. Trudeau . His mother, Eleanor "Nell" Alice (née Adams), was of Scottish and Irish descent. He had one sister, Mary-Anne Bellamy, who was diagnosed with Crohn's disease at a young age. She died on July 20, 2011. Martin contracted polio in 1946 at
10791-651: Was a member of the U of T Young Liberals during his time at the University of Toronto. He then attended the University of Toronto Faculty of Law , where he received an LL.B. in 1964. He was called to the Ontario bar in 1966. On September 11, 1965, Martin married Sheila Ann Cowan , with whom he has three sons: Paul, Jamie and David. In 1969, Power Corporation took a controlling share in Canada Steamship Lines . On December 2, 1970, Paul Martin,
10900-621: Was appointed president and CEO of the CSL Group. In 1974, CSL earnings were further hurt by an eight-week strike on the Great Lakes. In 1976, Power Corporation reversed itself and took over the investment portfolio that had been sold to CSL five years earlier. CSL reverted to an operating division of Power Corporation. In 1988, Martin was elected as the Member of Parliament (MP) for the southwestern Montreal riding of LaSalle-Émard . He
11009-466: Was attacked as a perceived attempt to win the vote of a single independent MP, former Liberal David Kilgour . Kilgour nevertheless voted against the government. In May, Parliament passed a motion asking one of its committees to express a lack of confidence in the government. The Liberals dismissed this as a procedural matter, causing some to accuse them of governing unlawfully by ignoring parliamentary tradition. The Conservatives and Bloc interpreted it as
11118-434: Was criticized for failing to reach a foreign-aid target of 0.7 percent of GDP, most notably by Bono of Irish rock group U2 (who claimed that he was going to "kick [Martin's] butt" over the issue). Martin later responded that, in his view, many foreign leaders had made pledges that were too fanciful and that he would only commit to targets that he knew his government could be held accountable for. Martin became involved in
11227-425: Was due to concerns over the direction the Conservative Party was taking; others accused Stronach of political opportunism. The event changed the balance of power in the House of Commons in favour of the government. This, and the support of independent MP Chuck Cadman , caused a tie during a May 2005 confidence vote, meaning that Peter Milliken , Speaker of the House needed to cast the deciding vote. He voted with
11336-1266: Was held in Hangzhou , China, the 2017 summit was held in Hamburg , Germany, the 2018 summit was held in Buenos Aires , Argentina, the 2019 summit was held in Osaka , Japan, the 2020 summit was scheduled in Riyadh , Saudi Arabia but it was held virtually due to COVID-19, the 2021 summit was held in Rome , Italy, the 2022 summit was held in Bali , Indonesia and the 2023 summit was held in New Delhi , India. The 2024 Group of 20 (G20) Summit will take place from 18-19 November in Rio de Janeiro , Brazil. Several other ministerial-level G20 meetings have been held since 2010. Agriculture ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings have taken place annually since 2010. In 2012,
11445-530: Was himself. He also forged a closer relationship with the People's Republic of China by announcing the strategic partnership initiative during PRC President Hu Jintao 's state visit to Canada in September 2005. On August 4, 2005, the government announced that Martin had advised Queen Elizabeth II to appoint Michaëlle Jean as governor general . The reception to the appointment was mixed: some applauded
11554-468: Was primarily a human rights issue. In the midst of various court rulings in 2003 and 2004 that allowed for the legalization of same-sex marriages in seven provinces and one territory, the government proposed a bill to legalize same-sex marriage across Canada . The House of Commons passed the Civil Marriage Act in late June 2005 in a late-night, last-minute vote before Parliament closed down,
11663-452: Was probably most noticeable in health care , as major reductions in federal funding to the provinces meant significant cuts in service delivery. Martin's tactics, including those of using contributor's funds from RCMP, Military and Civil Service pension plans and Employment Insurance , created further controversy. CAW economist Jim Stanford said that a combination of a spending freeze at 1994 levels and lower interest rates would have eliminated
11772-403: Was re-elected without much difficulty at every election until he retired from politics. In 1984, the Liberal Party was defeated under the leadership of John Turner , falling to just 40 seats. A group of young Liberals approached Martin as a possible candidate to replace Turner, and while he did not take part in an attempt to overthrow Turner, he did prepare to succeed him in the leadership should
11881-584: Was responsible for lowering Canada's debt-to-GDP ratio from a peak of 70 percent to about 50 percent in the mid-1990s. In December 2001, he was named a member of the World Economic Forum 's "dream cabinet." The global business and financial body listed Martin along with United States Secretary of State Colin Powell and United Nations Secretary-General Kofi Annan as top world leaders. Also during his tenure as finance minister, Martin coordinated
#878121