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Public Accounts committee They usually come in the form of press conferences about health care, and they're not exactly overly positive.
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee Why am I always the target?
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee You're asking me a question that has several aspects, and it's not easy to answer in a reasonable way. I'd like to clarify something. At the end of my previous answer, I said that the government's view was that it wasn't necessarily a good owner for a project like Trans Mountain
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee But I would reiterate that it's not a Chinese-controlled investment bank—
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee I think I just answered that question by saying that we need to check. The rules vary across institutions. I would just need to check to make sure I gave you the absolutely correct answer to that question.
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee The participation of the Government of Canada in the bank is always subject to the control of the Government of Canada.
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee Nick, you can have it. I'm good with him [Inaudible—Editor].
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee That's hard to do. Go ahead.
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee Throughout the pandemic, we did see both at the level of the Government of Canada and at the level of virtually all provinces some increase in the size of deficits. That being said, the largest increase by far was at the federal level, because, as I think you know, the federal go
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee Yes, absolutely. Credit ratings are done on a government by government basis, a level of government basis. As you know, Canada is among one of 10 AAA-rated countries in the world. That rating is based on the strength of our debt-to-GDP and our deficit-to-GDP ratios, and our overa
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee As you rightly say, the paid-in capital there is only a relatively small fraction of the overall commitment. Sometimes the manner in which these multilateral development banks can call on additional capital that has been pledged varies across some of the banks. I would want to do
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee We would not agree with that.
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee I'll give you two numbers there. For 2021-22, it's 45% federal debt-to-GDP ratio. Then we project that figure over the period of the fiscal framework over the next five or six years. There are some variations in the economic statement that we published because, as you know, we
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee The federal government—
November 22nd, 2022Committee meeting
Michael Sabia
Public Accounts committee No. That's a different set of calculations. The numbers that we publish are for the federal government and the federal government only, and then there's another set of calculations undertaken by international institutions such as the OECD or the IMF. They make a number of adjustm
November 22nd, 2022Committee meeting
Michael Sabia