Finance Minister Bill Morneau. (The Canadian Press)

Morneau says Ottawa will announce support for those quarantined due to COVID-19

‘Our government is planning for every contingency,’ Finance Minister Bill Morneau says

The federal government is preparing to undertake measures designed to protect Canadians and the country’s economy from the outbreak of a novel form of coronavirus.

Finance Minister Bill Morneau said Friday that the federal government will soon announce support for Canadians who are quarantined to prevent the spread of the virus known as COVID-19.

He also said the government will increase its risk adjustment provision in its forthcoming budget to ensure that it is ready and able to respond to COVID-19, which has caused dramatic drops in the stock market and has sickened dozens of Canadians and hundreds of thousands more globally.

“It’s important to keep in mind that what this will mean for the Canadian economy ultimately depends on the depth and geographical spread of the virus and these things cannot be known, until they are known,” he said in a speech to the Canadian Club of Toronto.

“Our government is planning for every contingency.”

READ MORE: Eight new B.C. coronavirus cases, one with no travel link

Morneau said he has already seen the virus having an impact on commodity prices, travel and global supply chains as well as consumer and business sentiment.

He said the government will continue to monitor the impact on businesses and workers and promises that the government has the tools to respond swiftly.

“Although things are changing quickly, it’s clear that the COVID-19 outbreak is going to impact the real economy, and markets,” he said.

Morneau said he has been in touch with his international counterparts to decide how to address the outbreak.

At a G20 meeting of finance ministers and central bank governors, he said he talked about the need to enhance global risk monitoring and on Tuesday he discussed with his G7 counterparts “the potential for greater collaboration and co-ordination.”

The Bank of Canada cut its key interest rate target by half a percentage point on Wednesday in hopes of helping the country’s economy cope with the impact of COVID-19. The move followed a decision by the U.S. Federal Reserve to cut its key interest rate by the same amount on Tuesday.

Morneau also used his speech to address blockades in February that resulted in cancelled train service and temporary rail worker layoffs as demonstrators across the country fought the Coastal GasLink pipeline due to come to B.C.

Demonstrators blocked rail lines in B.C., Ontario and Quebec for weeks as critics called on Prime Minister Justin Trudeau to step in and stop the protesting with immediate police force. Trudeau instead opted to allow his ministers to engage in discussions with demonstrators to resolve their concerns.

“From the very beginning, we knew that we could not cut corners and that dialogue, no matter how difficult, was the path we had to follow,” Morneau said.

“While many were critical, our approach has delivered results.”

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Town of Sylvan Lake receives funding for new Family Resource Network

Sylvan Lake, Eckville and Benalto will have services provided through the new program

RDCRS students can access program by Red Deer author

Academy of Writers by Sigmund Brouwer is now available to students through a new partnership

Alberta predicting 400 to 6,600 deaths from COVID-19 in months to come

Alberta predicting 400 to 6,600 deaths from COVID-19 in months to come

25 new cases Tuesday in Alberta, provincial total at 1,373

Premier Jason Kenney to provide more information later in the evening

Alberta RCMP have reported being threatened with COVID-19

Some members of the public are threatening RCMP by claiming to have COVID-19 and coughing on them.

A message from the publisher

Consider a voluntary subscription to Sylvan Lake News

Lacombe’s Cilantro and Chive wins Restaurant/Bar of the Year at Beer Awards

Owner says they have every intention to open again once it is safe to do so

Sanders drops 2020 bid, leaving Biden as likely nominee

Sanders plans to talk to his supporters later Wednesday

Blackfalds Food Bank Society in need of donations through COVID-19 pandemic

Food Bank accepts both physical and financial donations

WATCH: Update from Prime Minister Trudeau

April 8 briefing from Ottawa

COVID-19 world update: Joy in Wuhan as lockdown lifted; Pope denounces profiteers

Comprehensive update of coronavirus news items from around the world

Liberals asked to help cover overruns on projects delayed by COVID-19

$5 billion in federal funding for 607 projects

COVID-19 sparks rise in online child predators, says UNICEF chief

Canada’s efforts to help young girls and women recognized

Most Read