As Canada seeks to stem the third wave of soaring Covid-19, the administration of Prime Minister Justin Trudeau launched a new budget by allocating billions of dollars to help launch economic recovery.
Speaking at the House of Commons in Ottawa on Monday afternoon, Finance Minister Chrystia Freeland said the budget allocates $ 80.9 billion over 3 years to help boost the economy.
Through the budget, the government will further expand pandemic business and health support, as well as put $ 30 billion toward a national child care plan, raise the federal minimum wage and pledge $ 17.6 billion for green investment.
Canada’s deficit for the fiscal year beginning April 1 is expected to be the second largest in recent decades, with the debt -to -Gross Domestic Product (GDP) ratio projected to reach 50.5% in 2023.
Canada is now facing a third wave of pandemics, prompting the government to take the initiative to launch a new budget to support the Canadian economy.
Following the launch, Canadian dollar trading slipped from a one -month high during the previous New York session, due to concerns that the new budget would drive more long -term debt.
However, the currency rebounded in the Asian session today, supported by a weaker USD.
