Thursday, November 30, 2023
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Canada needs to be 'prudent' in budget, says finance minister

By Steve Scherer

OTTAWA (Reuters) – Canadian Finance Minister Chrystia Freeland said on Tuesday she would carefully review how she handles this year’s budget, due to be released sometime this spring. Adjusted because of the level of uncertainty in the global economy.

“There’s still a lot of uncertainty in the world economy, which means we do need to continue to be fiscally prudent,” Freeland said in response to a reporter’s question about this year’s budget, which was streamed online.

“We’re still not sure how the plane will land. We’re not sure how the COVID recession will ultimately play out,” she said in Hamilton, Ont., on the sidelines of a meeting of cabinet ministers. It was more difficult when she presented the fall fiscal update, but it did include C$11.3 billion Canadian dollars in new spending, which some analysts say is too much.

Inflation remains above 6% – more than three times the central bank’s 2% target. The Bank of Canada will announce its latest interest rate decision on Wednesday, with analysts predicting a 25 basis point hike followed by a likely pause.

has expressed a willingness to increase medical transfers to the provinces this year and wants to invest in making Canada more competitive than the United States in its switch to green technology.

Canada also pledged to strengthen its military and continue to provide arms and aid to Ukraine.



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