comparing the Temporary Foreign Worker Program against the International Mobility Program

Both the TFWP and the IMP exist to help Canada's economic growth, but the two programs have different stated policy goals and eligibility requirements.
Below is a breakdown of the key points of difference between these two marquee Canadian work permit programs.
What are the goals/intentions of the program?
TFWP: The TFWP’s principal goal is to aid the Canadian job market by providing employers throughout the country with a way to hire foreign nationals as a means of addressing labour shortages in their industry when there are no suitable Canadians to fill labour gaps. The intent of this program is to help Canadian employers that require it, while still championing Canadian citizens and permanent residents by giving them the first opportunity to apply for vacant employment openings. The TFWP does not aim to provide reciprocal benefits to Canadians abroad like the benefits it provides for employers in Canada. Instead, the TFWP is focused on meeting labour market needs for specific occupations and regions “at home”.
IMP: Rather, the IMP was created to more broadly "advance Canada's broad economic, social and cultural policy objectives [by allowing] foreign workers to enter Canada, to strengthen bilateral and multilateral relations between Canada and the international community, and to promote arts, culture, sports and religion.” In addition, the IMP aims to provide Canadians abroad with mutual benefit.
Note: CUSMA was enacted in 2020 as an alternative to the North American Free Trade Agreement (NAFTA) as a way to further develop and strengthen the strong economic ties between Canada and the two countries it shares the continent.
Does the program require an LMIA?
A Labor Market Impact Assessment (LMIA) is a document required by employers that companies will submit as evidence that their hiring of foreign employees will not negatively impact the Canadian workforce.
TFWP: The Temporary Foreign Worker Program requires employers to submit an LMIA application. For TFWP, it is important to note that Employment and Social Development Canada (ESDC) is responsible for the LMIA and Immigration, Refugees and Citizenship Canada (IRCC) is responsible for the subsequent work permit application
IMP: The International Mobility Program is LMIA-exempt, meaning that the LMIA is not a requirement for applicants trying to work in Canada through the program. For IMPs, IRCC is responsible for work permit applications, similar to their role in TFWP
Who leads the programs?
TFWP: Led by ESDC, but jointly run by ESDC and IRCC
IMP: Led and administered solely by IRCC
Does the wage involved with the position in question have any impact on applicability/eligibility in this program?
TFWP: Uses wage instead of National Occupational Classification (NOC) to determine applicability and program requirements will vary by wage offered (stream)
IMP: Does not stream by wage offered
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