moved for leave to introduce Bill C-530, An Act to amend the Northwest Territories Act (borrowing limits).
Mr. Speaker, I am pleased to have the opportunity to introduce this private member's bill, as it is another step on the Northwest Territories' road to becoming more like a province.
Currently, the NWT must come cap-in-hand to Ottawa asking for an increase in the amount that it can borrow. Many of the borrowing requirements in the Northwest Territories are for things that are self-financing. Yet, still, this borrowing limit means that we must obtain the permission of cabinet to move forward with these amounts.
We are not content to remain in this colonial position. Our government is strong and has been fiscally responsible for many decades. For years, the federal government has promised the evolution of provincial-like jurisdictions to the NWT but with no action. Because of this lack of action, the natural resources of the Northwest Territories are in jeopardy.
Without the ability to borrow more money, the territory may be forced to privatize certain facilities, like the Taltson hydro project with the expansion to service the diamond mines, something that is a profitable venture for the public government in the Northwest Territories. However, without the borrowing capacity, it cannot participate in this project. The natural resources of the Northwest Territories should go to benefit the people of the Northwest Territories, especially those where the government has taken an active role in developing a project.
This bill and my previous bill to give jurisdiction over new highway construction would make the Northwest Territories more like a province. Step by step, we can achieve what other parts of the country have and we want to move forward.
(Motions deemed adopted, bill read the first time and printed)