Canada’s new budget sets aside billions of dollars in pandemic support | Business and economic news

The government of Canadian Prime Minister Justin Trudeau has unveiled a new budget that allocates billions of dollars for coronavirus-related support and stimulus measures, as the country struggles to contain a growing third wave of the pandemic.

Speaking in the House of Commons in Ottawa on Monday afternoon, Finance Minister Chrystia Freeland said the budget allocated $ 80.9 billion (C $ 101.4 billion) over three years to help stimulate the ‘economy.

Of the nearly $ 39.9 billion (C $ 50 billion) in new spending this year, more than half will go to expanding coronavirus recovery measures, including wage and rent subsidies, as well as to a new program to help businesses start hiring again.

Another $ 23.9 billion (C $ 30 billion) over five years will help build a nationwide child care system in cooperation with Canadian provinces.

Freeland defended the price of the budget, saying Canadians are struggling with COVID-19 and need support, while promising a return to more restrained spending once the pandemic is under control.

“Some would say that our sense of urgency is misplaced. Some will say that we are spending too much. To them, I tell them this: Did you lose your job during a COVID lockdown? She said from the parliament floor.

“Our country cannot prosper if we leave behind hundreds of thousands of Canadians.

Canada is experiencing a growing third wave of the pandemic, as healthcare workers in the largest province, Ontario, sound the alarm over a rapid rise in infections and intensive care admissions.

Canada’s deficit for the fiscal year that began April 1 will be the second largest in decades, with the closely watched debt-to-GDP (gross domestic product) ratio reaching 51.2%.

Daniel Beland, professor at McGill University in Montreal and director of the McGill Institute for the Study of Canada, said in a statement that Monday’s budget “is perhaps the most important federal budget in a generation.” .

Canada struggles to contain growing third wave of COVID-19 pandemic as new, more transmissible variants quickly spread [File: Shawn Goldberg/SOPA Images/LightRocket via Getty Images]

“We have never seen a longer gap between two federal budgets since 1867,” he said.

Canada is widely believed to be heading towards a federal election, which could be called later this year, and Beland said the Trudeau government “is likely to use this budget as a key source of promises for its next platform. electoral ”.

Ahead of the official announcement, opposition leader Jagmeet Singh of the Left New Democratic Party said he hoped to see better access to paid sick leave as many workers on the front lines of the COVID crisis -19 get sick.

“We know people get sick at work and we know workplaces have the highest risk of transmission. Workers get sick and report it to their families, ”Singh said at a press conference.

He also said the NDP hopes the federal government will use emergency regulations to help Ontario fight the COVID-19 crisis. Singh published a letter earlier Monday asking Trudeau to invoke the Canadian Emergency Act to help distribute vaccines and offer paid time off for workers.

Conservative Party Leader Erin O’Toole slammed the Liberal budget on Monday[File:DaveChan/AFP)(AFP)[File:DaveChan/AFP)(AFP)[Fichier:DaveChan/AFP)(AFP)[File:DaveChan/AFP)(AFP)

Conservative Party Leader Erin O’Toole said, “Canadians expected a pandemic budget. It’s an election budget – and mediocre, too. “

Speaking to reporters after the budget was released, O’Toole blamed Trudeau for the growing third wave of the pandemic and said the budget would do little to combat the virus. “Unfortunately, this budget does virtually nothing to secure the Canadian economy,” he said.

Canada offered financial support to Canadian employers to help them pay employee wages through what it called the Canada Emergency Wage Subsidy, while also providing other direct emergency support to workers. Unemployed or underemployed Canadians.

More than 23,600 people have died from the coronavirus in Canada, according to data from Johns Hopkins University, while at least 1.13 million cases have been reported.

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