March 13, 2009
Government Taking Action to Fast Track Economic Action Plan
Initiatives
Ottawa (March 13, 2009) — Canada’s Conservative
Government is taking unprecedented action to stimulate the Canadian
economy and combat the global economic crisis. In just 45 days
since the release of the Budget, the Government has cut red
tape and taken extraordinary action to ensure that crucial investments
are not delayed.
“The top priority of our Government at this time is seeing the full implementation of Canada’s Economic Action Plan,” said Komarnicki. “The plan is comprehensive and contains important timely and targeted stimulus investments that will provide a much needed boost to our economy.”
The Budget Implementation Bill has passed the House of Commons. It has also passed the Senate but not without facing resistance from Liberal Senators. The Government urged the Liberal dominated Senate to pass this legislation at the earliest opportunity so budgetary measures can be implemented in a timely manner.
“In an effort to ensure stimulus measures reach the economy and take hold as soon as possible, the Government has fast tracked the budgetary process,” said Komarnicki.
In addition to accelerating the tabling of the Budget, having introduced the earliest budget in modern Canadian history, the Government has trimmed the Cabinet and Treasury Board approval processes by two to six months. As a result, by April 1, the Government will be able to inject $20 billion directly into the economy, representing close to 90 percent of the stimulus for 2009-2010 under the Action Plan. This is months ahead of schedule when compared to past budgets.
“Our Government is acting to get this money moving quickly to provide the support Canadian families, businesses and communities need to weather the current economic storm,” said Komarnicki.
Canada’s Economic Action Plan includes five main objectives including:
• Support for workers and taxpayers;
• Support for the housing industry;
• Infrastructure investment to create jobs;
• Support for businesses and communities; and
• Improved access to financing.
This week, the International Monetary Fund (IMF) issued a statement of support for Canada’s proactive response to the global economic downturn and the fiscal stimulus introduced in Canada’s Economic Action Plan. The IMF statement said the immediate focus should be on implementing the budget and mobilizing spending. In its concluding statement, the IMF said, “Canada is better placed than many countries to weather the global financial turbulence and worldwide recession, thanks to sound policy management and proactive steps to maintain economic and financial stability.”
To help Canadians track the progress of Canada’s Economic Action Plan, the Government recently launched a website www.ActionPlan.gc.ca that sets out the details of the plan with links to specifics of initiatives and projects as they are announced. Canadians can use this helpful resource to measure the progress of the Action Plan in an accountable and transparent manner.
