The Canadian government says it’s ready to dump its assets to raise money and make acquisitions in an effort to boost its bottom line and cut taxes.
Key points:The Trudeau government has announced it is looking to sell some of its assetsThe Liberals plan to make major acquisitions, including its own telecommunications and communications businessesCanada has faced the kind of financial and social challenges it hasn’t experienced in its history, said Finance Minister Bill Morneau.
Canada has seen a slowdown in growth since the financial crisis, but is still one of the fastest-growing economies in the world.
The government says the current economic environment is “exceptionally favourable” for growth and economic growth is expected to pick up in coming years.
The Liberals are also looking to make significant acquisitions to raise more money for the government, Morneau said Monday.
They’re also going to start to look at some of the public services that are not being used very well right now.
They’re going to look to sell those to make some cash available to the government.
The Liberal government has been in the midst of a major overhaul of its economy.
The Liberals announced a plan to phase out the use of coal-fired power plants, a move they said would cut carbon emissions by 40 per cent by 2030.
Morneau said that would involve reducing greenhouse gas emissions by an average of 12 per cent annually over the next 10 years.
He said the government is also looking at the possibility of selling some of Canada’s largest companies to help the government with its budget and finance needs.
The Government of Canada has previously announced it was looking to cut about $15 billion from its budget over the coming years, with some of those cuts likely to be in areas like defence and health.
In recent years, Moravians had also faced problems with their banks, which were under the control of the Ontario-based bank SBC, after the bank’s collapse in 2012.
SBC had a $9 billion credit line and about $40 billion in deposits, which Morneau acknowledged made it more difficult for Canadian banks to survive in the aftermath of the financial downturn.
The Trudeau Liberals are looking to take advantage of the crisis to improve its finances and reduce taxes, but have not made a specific commitment to sell its assets, Morneysaid.
The country is not alone in its efforts to boost economic growth.
A new global economic body has called for a major economic growth push in the coming decades.
The International Monetary Fund says the world is facing a period of prolonged global growth that has been largely fueled by rapid population growth and the growth of emerging economies.
The IMF’s World Economic Outlook report released Monday notes that the economic growth in the United States and China has slowed considerably since the global financial crisis.