Jim Flaherty, the man who balanced Canada’s books, dies at 64

Former Canadian finance minister Jim Flaherty, a fixture on the world financial stage who stepped down just three weeks ago, has died. He was 64. He suffered a massive heart attack.

Flaherty, who had the job since 2006, was the longest-serving finance minister among the Group of Seven leading industrial economies until he announced he was stepping down on March 18 to return to the private sector. He battled a rare skin disease over the past year, but had said his decision to leave politics was not related.

Flaherty had been Prime Minister Stephen Harper's only finance minister since Harper took power eight years ago. He is credited with helping get Canada back on track to a balanced budget after pumping stimulus money into the economy following the 2008 financial crisis.

The House of Commons in Ottawa abruptly suspended business as word of his death circulated and the finance ministers of the G-20 paid tribute to Flaherty at the start of their meetings in Washington.

Australian Treasury Minister Joe Hockey, the current G-20 chairman, opened the group's meeting at International Monetary Fund headquarters by describing Flaherty as a "very decent man, heartfelt in his determination to deliver to Canada a better quality of life". He added: "Canada is poorer for his passing and we are all poorer."

Mark Carney, the Canadian who is the new governor of the Bank of England, said Flaherty played a key role in getting the G-20 off the ground and helping it deal with the 2008 global financial crisis and its aftermath.

"He was a true believer in multilateralism and urged members to pursue the right policies and believed in fixing banks, balancing budgets and adopting sound monetary policies," Carney said.