Finance Minister Bill Morneau. (The Canadian Press)

Finance Minister Bill Morneau. (The Canadian Press)

Morneau says Ottawa will announce support for those quarantined due to COVID-19

‘Our government is planning for every contingency,’ Finance Minister Bill Morneau says

The federal government is preparing to undertake measures designed to protect Canadians and the country’s economy from the outbreak of a novel form of coronavirus.

Finance Minister Bill Morneau said Friday that the federal government will soon announce support for Canadians who are quarantined to prevent the spread of the virus known as COVID-19.

He also said the government will increase its risk adjustment provision in its forthcoming budget to ensure that it is ready and able to respond to COVID-19, which has caused dramatic drops in the stock market and has sickened dozens of Canadians and hundreds of thousands more globally.

“It’s important to keep in mind that what this will mean for the Canadian economy ultimately depends on the depth and geographical spread of the virus and these things cannot be known, until they are known,” he said in a speech to the Canadian Club of Toronto.

“Our government is planning for every contingency.”

READ MORE: Eight new B.C. coronavirus cases, one with no travel link

Morneau said he has already seen the virus having an impact on commodity prices, travel and global supply chains as well as consumer and business sentiment.

He said the government will continue to monitor the impact on businesses and workers and promises that the government has the tools to respond swiftly.

“Although things are changing quickly, it’s clear that the COVID-19 outbreak is going to impact the real economy, and markets,” he said.

Morneau said he has been in touch with his international counterparts to decide how to address the outbreak.

At a G20 meeting of finance ministers and central bank governors, he said he talked about the need to enhance global risk monitoring and on Tuesday he discussed with his G7 counterparts “the potential for greater collaboration and co-ordination.”

The Bank of Canada cut its key interest rate target by half a percentage point on Wednesday in hopes of helping the country’s economy cope with the impact of COVID-19. The move followed a decision by the U.S. Federal Reserve to cut its key interest rate by the same amount on Tuesday.

Morneau also used his speech to address blockades in February that resulted in cancelled train service and temporary rail worker layoffs as demonstrators across the country fought the Coastal GasLink pipeline due to come to B.C.

Demonstrators blocked rail lines in B.C., Ontario and Quebec for weeks as critics called on Prime Minister Justin Trudeau to step in and stop the protesting with immediate police force. Trudeau instead opted to allow his ministers to engage in discussions with demonstrators to resolve their concerns.

“From the very beginning, we knew that we could not cut corners and that dialogue, no matter how difficult, was the path we had to follow,” Morneau said.

“While many were critical, our approach has delivered results.”

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

Just Posted

(Dave Ogilvie/Contributed)
Injured mountain biker rescued in West Kelowna

The mountain biker reportedly has a hip injury about 1 km up the Smith Creek Road trail

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed Eli Beauregard facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Asia Youngman (right) is pictured shooting another short film she wrote and directed titled Hatha. (Luba Popovic)
Peachland set to star in fantasy thriller film about N’xaxaitk’w — a.k.a. the Ogopogo

The film will follow an Indigenous teen as she navigates peer pressure, bullying and identity

Fruit farmers in the Okanagan and Creston valleys are in desperate need of cherry harvesters amid COVID-19 work shortages. (Photo: Unsplash/Abigail Miller)
‘Desperate’ need for workers at Okanagan cherry farms

Fruit farmers are worried they’ll have to abandon crops due to COVID-19 work shortages

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

Jeanette Megens
KCR: Volunteering is sharing your story

Kelowna Community Resources shares stories of its volunteers in a weekly column

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Jaimee Peters photo of a Willow Midwives helping with a birth. Willow closed its doors March 31 because of a shortage of midwives. (Contributed)
South Okanagan’s only midwifery to re-open this summer

Willow Community Midwives was forced to close because of a shortage of midwives

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

Gord with a mom and her young son outside Pathways which was defunded on May 31. (Facebook)
Gord Portman with a mom and her child outside of Pathways. The sign says it all about the difference Pathways has made in people’s lives. They were defunded by Interior Health on May 31.
Penticton man takes the plunge for the recovery house that helped save his life

Gord Portman said Discovery House and Pathways have been everything in his 1 year sobriety

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

Most Read