Thank you.
One of the financial highlights in volume I is with respect to Canada's debt-to-GDP ratio. Much discussion happens around debt-to-GDP ratio and comparisons between Canada and other G7 countries. I just want it to be clear on the record. When you look at different countries, they are set up differently. Some might have provincial or state levels of government as well as municipal levels of government.
When the IMF compares the net debt-to-GDP ratio for the G7 countries, do they take the approach of looking at the figure in a total government lens? Are they accounting for all levels of government and their respective total net debts when making those comparisons?