Evidence of meeting #44 for Finance in the 45th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was airports.
A video is available from Parliament.
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Again, Madam Chair, that's an important question. We want to build a Canada for all, and all for Canada.
Part of that is to bring youth along with us. At the Senate appearance yesterday, there was a lot of focus on youth. We're going to train and provide opportunities for 80,000 to 100,000 young people in the country.
Liberal
The Chair Liberal Karina Gould
That's great. Thank you, Minister.
Thank you, Mr. MacDonald.
Mr. Ste‑Marie, you have the floor for two and a half minutes.
Bloc
Gabriel Ste-Marie Bloc Joliette—Manawan, QC
Madam Chair, thank you again.
Minister, I would like to move on to another topic. I'll be talking about the situation in Cuba.
When we watch the news on any media outlet, we realize that this country is facing a full‑blown crisis. My question is twofold.
First, last year we celebrated 80 years of uninterrupted diplomatic relations with Cuba. Canada has always had a special relationship with the Cuban people.
We can criticize the regime. However, is the government committed to continuing to provide humanitarian aid to support the people at this time?
Second, the Canadian legislation provides the necessary mechanisms to protect Canadian economic interests on the island. The latest orders show that companies are pulling out. These companies include the Blue Diamond Resorts hotel chain, which is tied to Sunwing. Sherritt International Corporation also had many concerns. Even credit cards are no longer accepted. Everyone is pulling out.
Does the government intend to protect Canadian economic interests on the island from interference by a third country?
Will it continue to provide humanitarian aid and to use legislation to protect Canadian economic interests in Cuba?
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
First, I would say that we have among us an expert on the topic. The chair of the committee was once the minister for international development.
Canada has always played a leading role in humanitarian aid. So, yes, thank you for pointing this out. I think that Canada has always played a key role.
In terms of the broader economic situation, I'm aware of some of these events. I've had the opportunity to speak with some of the parties involved, including Sherritt. As you know, back when I was the minister of foreign affairs or the minister of innovation, science and industry, I was asked to step in to support them.
Mr. Ste‑Marie, you're a man of great talent and expertise. I'm sure that you'll agree that this issue is quite complex. However, we're keeping track of this issue in order to advocate for the interests of Canadians and Canadian companies. The environment is complex, volatile and, in certain ways, uncertain. Clearly, we're here to advocate for the interests of Canadian companies.
Bloc
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
We'll get back to you in writing. My colleague will certainly have more details to give you.
However, as I said, we have an expert here, a former minister for international development. Ms. Gould is quite familiar with the programs that we've set up in the country.
Liberal
The Chair Liberal Karina Gould
Thank you, Mr. Ste‑Marie.
Thank you, Minister.
We'll continue now with Ms. Cobena for five minutes, please.
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Thank you, Chair.
Minister, I asked the Bank of Canada governor, officials of your department, the PBO and you, in fact, last week, for the cost of the sovereign wealth fund. I couldn't get straight answers. You referred me to the total interest charge of all Canadian debt. It was $58 billion. You expected me to share that number with my constituents and tell them to figure it out, to figure out the actual cost for the sovereign wealth fund.
I'd like to ask you again: How much is the interest for the $25 billion you'll be borrowing for the sovereign wealth fund? I'd like just the number, please.
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Thank you very much. I recall your questions. You did ask me a few questions. My answer will be the same. I would refer you to the main estimates and what has been provided there. I can even quote you the pages where you can see the relevant information.
Conservative
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
As I said, this is all in the spring economic update. You will see the details with respect to the sovereign wealth fund.
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
That is just a pool of funds. It's not the actual number.
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
As I said, all the information is there in an aggregate fashion.
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Do you know the number for the cost of the interest?
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
I'm quite happy to talk about the sovereign fund. As I answered my colleague before, the data is included, in fact, in the spring economic update, and—
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Minister, we are in a recession. This morning's PBO report even forecasts that the GDP growth will be lower than expected, lower than even the OECD had projected. As the economy worsens, Canadians will be paying for this interest. They want to know how much they're on the hook for.
How much is the interest that they will have to pay on the $25 billion of debt?
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
As I said, I would make reference to the OECD numbers that were published yesterday, which say that Canada will have the second-fastest growth in the G7.
Conservative
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
With respect to the interest cost, as I said, I would refer my colleague to table A1.9 on page 125 of the English version. She will find all the relevant information that has been made public.
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Minister, with all due respect, you're refusing to state the number, but your department actually provided it on May 7. Canadians will be on the hook for $750 million per year just on interest payments. Why are you withholding this number from Canadians?
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Madam Chair, the member just stated the number that she says is public, so I'm not understanding the gist of the question.
What I can say is that this is going to be transformational.
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
You have to look at not only the cost but also the benefit that will be provided to Canadians.
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Excuse me, Minister. I have asked you for the number several times. You refused to tell me last week. I'm giving you another chance now. You're still refusing to tell me. That's withholding the information. You know the number. It's $750 million per year.
You promised Canadians to reduce the deficit-to-GDP ratio after giving up the last fiscal anchor, which didn't work for your political agenda. Now the PBO confirms that there's only a 1% chance that you will hit that deficit-to-GDP ratio. The $750 million for the sovereign wealth fund is just the interest on the debt.
How much will the bureaucracy cost?