COVID-19 Pandemic Committee on June 2nd, 2020

[Pierre Poilievre, Conservative, Carleton, ON]

How much is owned by lenders from Saudi Arabia?

[Bill Morneau, Liberal, Toronto Centre, ON]

Again, Mr. Chair, we'd be happy to provide information in this regard should the member wish to send a request directly to my office.

[Pierre Poilievre, Conservative, Carleton, ON]

Which I have.

Mr. Chair, moving along to the impacts of the debt on our people, how much would a 1% increase in the effective interest rate on Canada's national debt cost Canadian taxpayers?

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Chair, we continue to manage our treasury function responsibly. I'd be happy to get financial calculations to the member if he'd like to send those directly to my office.

[Pierre Poilievre, Conservative, Carleton, ON]

All right, Mr. Chair, we'll try a different question, then, as we're not getting any answers.

We have lower interest rates than ever before. Normally, it means you lock in those rates for the long run. Anybody who has a mortgage knows you lock in for the long run when rates are low.

What percentage of Canada's national debt is locked in for more than five years?

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Chair, I'd be happy to get this information to the member, but I would acknowledge that as we manage the treasury function for the Government of Canada, we look at the short term, the medium term and the long term. We think we have come up with a responsible approach to managing the ongoing debt that we have as a country.

[Pierre Poilievre, Conservative, Carleton, ON]

Mr. Chair, it turns out, according to Department of Finance officials, that less than 3% of Canada's recently added debt since March is for terms of more than five years. Why has this minister made Canada so susceptible to future interest rate hikes by failing to lock in the $371.5 billion of new debt he's added in the last two and a half months?

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Chair, we continue to manage the treasury function of the Government of Canada in a responsible way, making sure we consider what debt should be issued in a short term, a medium term and a long term, which we've been doing as the Government of Canada during our entire term and as previous governments have done as well.

[Pierre Poilievre, Conservative, Carleton, ON]

Canadians would be wise not to hire this minister as their mortgage broker if they're looking to get the best rate.

Let's move on to the Canadian household. The average household was $200 away from insolvency before this crisis began. How many Canadians would experience bankruptcy in the next 12 months if interest rates were to rise by an effective one percentage point?

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Chair, again, we'd be happy to get calculations to the member.

I would make the observation that what we've been working to do during the course of this pandemic is to support Canadians and support Canadian families by providing them income during a time when they don't have access to income because they're actually at home. We think that has supported them in a very, very positive way that allows us to ensure that we will have a continuing economy when we get through this crisis.

[The Acting Chair, Conservative, Bruce Stanton]

You have 30 seconds left, Mr. Poilievre. Go ahead.

[Pierre Poilievre, Conservative, Carleton, ON]

Unfortunately, we will have a $1-trillion debt when this fiscal year comes to an end. How much will the finance minister try to raise taxes if interest rates on that debt rise by, say, 1%?

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Chair, as I've said to the House previously, we do not intend to raise taxes.

What the member opposite is suggesting is that we shouldn't be investing to support Canadians. I think the approach we've taken, with the emergency response benefit and the wage subsidy, has been particularly critical for enabling Canadians to get through a very challenging time.

[The Acting Chair, Conservative, Bruce Stanton]

The floor goes to the honourable member for Beauce, Mr. Lehoux.

[Richard Lehoux, Conservative, Beauce, QC]

Mr. Chair, my question goes to the Minister of Agriculture and Agri-Food.

Day after day, I speak with those involved in the world of agriculture and with witnesses appearing before the Standing Committee on Agriculture and Agri-Food. The consensus is very clear: the business risk management programs are not working.

When will the Minister become involved and make major changes to those programs?

[Marie-Claude Bibeau, Liberal, Minister of Agriculture and Agri-Food]

Mr. Chair, we have made commitments to producers all across the country. Some programs are already provided, including the risk management programs. I am working regularly with my colleagues in the provinces in order to improve them.

We have also increased our contribution to various other programs, specifically in the meat sector, for pork or beef producers, and food processors.

[Richard Lehoux, Conservative, Beauce, QC]

Mr. Chair, I have been hearing the same answers for several weeks now.

Could the Minister simply give us a date?

[Marie-Claude Bibeau, Liberal, Compton—Stanstead, QC]

I repeat that we are working regularly with producers and their representatives. In addition, I am working together with my provincial colleagues.

We are going to determine where the gaps are and we will identify the sectors that most need our assistance. Then, we will determine the best way to provide them with the assistance they need.

[Richard Lehoux, Conservative, Beauce, QC]

Mr. Chair, the government promised to set its share of the business risk management programs at 60%, even if a province or territory does not participate.

Have the provinces received the money, yes or no?

[Marie-Claude Bibeau, Liberal, Compton—Stanstead, QC]

Here is how it works. Through the AgriRecovery program, we have provided $50 million for pork producers and $50 million for beef producers. The program is available everywhere, but the provinces are responsible for implementing it.

[Richard Lehoux, Conservative, Beauce, QC]

Mr. Chair, when will that transfer be made?

Can the minister simply give us a date? That is all we are asking.

[Marie-Claude Bibeau, Liberal, Compton—Stanstead, QC]

Mr. Chair, I would really like to be able to give a date, but the answer depends on each of the provinces. The provinces have to implement the program.

[Richard Lehoux, Conservative, Beauce, QC]

However, Mr. Chair, the minister has told us that she is ready to transfer the funds, whether or not the provinces add any to the program. To date, we still have no answer in that regard.

How does the Minister of Agriculture intend to make major changes to the various risk management programs by July, when the government has itself pushed back the federal-provincial-territorial meeting of Ministers of Agriculture to October?

We have been meeting by Zoom for some time now. Why was that not able to be an option?

[Marie-Claude Bibeau, Liberal, Compton—Stanstead, QC]

Mr. Chair, I meet with my provincial colleagues every week, either by conference call or by Zoom.

I can assure my colleague about our ongoing collaboration with the provinces. As for the AgriRecovery program, once again, the provinces have to implement it and it is their choice to contribute their share of 40% or not, in whole or in part. However, our federal commitment on the 60% share is firm.

[Richard Lehoux, Conservative, Beauce, QC]

Mr. Chair, if I understand correctly, there will be no changes to the various programs before November.

The sectors of agriculture under supply management, like eggs and poultry producers in my constituency, who have been promised compensation for a long time, want to know when the money will be transferred to the producers who are working tirelessly to feed our country.