International Monetary Fund

Public Accounts of Canada 2025 Volume I—Top of the page Navigation

Subscriptions

This account records the value of Canada’s subscription (its “quota”) to the capital of the International Monetary Fund (IMF).

The amount by which the sum of Canada’s subscriptions plus loans to the IMF under special facilities exceeds the IMF's holdings of Canadian dollars represents the amount of foreign exchange which Canada is entitled to draw from the IMF on demand for balance of payments purposes. The subscription is expressed in terms of SDR, a unit of account defined in terms of a “basket” of five major currencies, the euro, the US dollar, the British pound sterling, the Japanese yen and the Chinese renminbi.

Canada has accumulated its subscriptions through settlements to the IMF in Canadian dollars, gold and SDRs. Annual maintenance of value payments are made to, or received from, the IMF when the Canadian dollar depreciates or appreciates against the SDR, in order to maintain the SDR-value of the IMF's holdings of Canadian dollars.

In 2025, payments and other charges consisted of a foreign exchange revaluation adjustment of $1,313 million.

The IMF's Board of Governors conducts a General Review of Quotas (GRQs) at least every five years to assess the adequacy of quotas (i.e., size and distribution). On December 15, 2023, the Board of Governors of the IMF concluded the 16th GRQ and approved a 50% Equi proportional increase in IMF members quotas (without changing individual members quota shares) and a rollback of the New Arrangements to Borrow (see below). This increase will become effective once consent is received from members representing 85% of total voting power for quotas and 90% for the amounts of NAB participants. Canada provided its consent to the quota increase on July 15, 2024. Upon effectiveness, Canada's quota share will be increased from SDR 11,024 million to SDR 16,536 million.

Loans

This account records the value of interest-bearing loans made under Canada’s multilateral and bilateral lending arrangements with the IMF. The purpose of these arrangements is to provide temporary resources to the IMF, which works to promote economic growth and safeguard the stability of the international monetary system.

There are two outstanding lending arrangements with the IMF outside of the quota system: the New Arrangements to Borrow (NAB) and the temporary bilateral borrowing agreements (BBAs).

Canada's current participation in the NAB is governed by the October 2020 NAB Decision, effective from January 2021 to December 2025. Canada's maximum commitment under the NAB is SDR 7,747 million. Once the outcomes of the 16th GRQ become effective, Canada's maximum commitment under the NAB will be reduced to SDR 6,486 million.

Canada also participates in the BBAs, which further increase the financial resources the IMF can borrow from member countries. Starting with the BBAs that took effect on January 1, 2021, Canada's commitment has been SDR 3,532 million. This agreement was extended through the end of 2024. To ensure the IMF remains adequately resourced during the interim period, the BBAs were then further extended to December 31, 2027, or until the outcomes of the 16th GRQ, as described above, become effective—whichever occurs first. To date, the BBAs have not been activated, and no disbursements have been made against Canada's commitment. Additionally, the IMF Board has initiated discussions with NAB participants (including Canada) on extending the NAB starting January 1, 2026, either at the current level or a revised level, depending on the status of implementation of the GRQ outcomes. Canada provided its consent to both the rollback of the NAB and the extension of the BBAs on July 15, 2024.

Collectively, pursuant to the Bretton Woods and Related Agreements Act, the outstanding loans under multilateral and bilateral arrangements with the IMF cannot exceed SDR 13,000 million, or any other amount that may be fixed by the Governor in Council, at any given time. Canada's maximum commitments under the NAB and BBA of SDR 11,279 million fall within this limit.

At March 31, 2025, no amount was outstanding under these arrangements. Amounts advanced under these arrangements are considered part of the Official International Reserves of Canada.

International Monetary Fund Trusts

Canada lends funds to trusts established by the IMF to support low-income and middle-income members. For these trusts, the total revolving loan authority pursuant to the Bretton Woods and Related Agreements Act is set at SDR 1,000 million, or such greater amount as may be fixed by the Governor in Council. The amount was fixed at SDR 4,200 million by the Governor in Council on February 19, 2024. Certain loans to the IMF's Poverty Reduction and Growth Trust that are subject to this authority are included in other loans, investments and advances, details of which are provided in Section 9 of this volume.

Poverty Reduction and Growth Trust

PRGT loan account

This account records the value of loans to the IMF's Poverty Reduction and Growth Trust (PRGT) in order to provide financial assistance to qualifying low-income countries as authorized by the Bretton Woods and Related Agreements Act.

Total loans of SDR 956 million are outstanding under Canada's SDR 2,000 million revolving commitment to the PRGT loan account as at March 31, 2025 (total loans outstanding of SDR 960 million under SDR 2,000 million commitment as at March 31, 2024). Of the total outstanding loans to the PRGT loan account as at March 31, 2025, SDR 300 million is included in the foreign exchange accounts (SDR 276 million as at March 31, 2024). The outstanding balance was translated into Canadian dollars at the year-end closing rate of exchange (1 SDR /$1.91134 CAD). During the year, transactions included issuances of SDR 24 million, equivalent to $45 million at the time of lending, and a foreign exchange revaluation gain of $34 million. In addition to the PRGT loans included in the foreign exchange accounts, SDR 656 million in outstanding loans to the PRGT loan account as at March 31, 2025 (SDR 684 million as at March 31, 2024) is included in other loans, investments and advances (refer to Section 9 of this volume for details).

PRGT deposit and investment account

The total outstanding PRGT loans included in the foreign exchange account also include a loan of SDR 700 million, equivalent to $1,254 million at the time of lending, provided to the PRGT deposit and investment account in April 2024. During the year, a foreign exchange revaluation gain of $84 million was attributed to the PRGT deposit and investment account. The amount lent by Canada will earn interest and matures March 15, 2034.

Further, Canada's loan, and amounts lent by other contributors to the PRGT, will be invested by the IMF, with investment gains and losses being allocated to Canada's loan on a pro-rata basis.

Resilience and Sustainability Trust

Canada entered into an agreement, pursuant to the Bretton Woods and Related Agreements Act, with the Resilience and Sustainability Trust (RST) in September 2022 to lend SDR to the RST, up to the equivalent of $2,000 million. Drawings upon the facility may be made by the RST through November 30, 2030. The RST helps low-income and vulnerable middle-income countries address longer-term challenges, such as those related to climate change and pandemic preparedness.

RST loan account

The total outstanding RST loan account as at March 31, 2025 is SDR 186 million (SDR 37 million as at March 31, 2024). During the year, Canada lent additional SDR 149 million to the RST loan account, an amount equivalent to $276 million at the time of lending. Additionally, a foreign exchange revaluation gain of $13 million was attributed to the RST loan account. The loan earns interest, which is paid quarterly, and has a maturity date of December 2043.

RST deposit account

Under the agreement, in October 2022, Canada deposited SDR 228 million in the RST deposit account, an amount equivalent to $400 million at the time of deposit. The amount deposited by Canada earns interest, which is paid quarterly, and matures November 30, 2050. Further, Canada's deposit, and amounts deposited by other contributors to the RST, are invested by the RST, with investment gains and losses being allocated to Canada's deposit on a pro-rata basis. During the year, a foreign exchange revaluation gain of $27 million was attributed to the RST loan account.

Contribution to RST reserve account

Also under the agreement, in October 2022 Canada made a contribution of SDR 23 million, an amount equivalent to $40 million at the time of contribution, to the RST reserve account, which is meant to cover the RST's credit and liquidity risk, and administration costs. Canada’s contribution to the RST reserve account does not earn interest, has no fixed maturity, and was recognized as a transfer payment expense.

Notes payable

This account records non-marketable, non-interest bearing notes issued by the government to the IMF. These notes are payable on demand and are subject to redemption or re-issue, depending on the needs of the IMF for Canadian currency.

Canadian dollar holdings of the IMF include these notes and a small working balance (initially equal to one-quarter of one percent of Canada's subscription) held on deposit at the Bank of Canada. In 2025, notes payable to the IMF increased by $1,303 million.

Public Accounts of Canada 2025 Volume I—Bottom of the page Navigation

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