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

The Independent Investigations Office of BC is looking into a Castlegar incident. File photo
Police watchdog investigating Castlegar incident

IIO: Woman sustained a reportedly self-inflicted injury

The Kootenay International Junior Hockey League met for their AGM and announced a number of new initiatives, new awards and changes in their executive committee, as well as the starting date for the 2021-22 season. Paul Rodgers file.
KIJHL announces start dates for 2021-22 season

Season set to begin Oct. 1 with league still following all health guidelines

South Slocan’s Ti Loran is among the recipients of this year’s Neil Muth Memorial Scholarship. Photo: Submitted
Neil Muth Memorial Scholarships awarded to 4 students

Students in Creston, South Slocan and Revelstoke are sharing the honour

A wildfire near Cottonwood Lake was put out by Nelson firefighters Sunday night. Photo: Submitted
Wildfire extinguished near Cottonwood Lake

Lightning-caused fire was near one of Nelson’s water sources

West Kootenay Regional Airport. Photo: Betsy Kline
Central Mountain Air leaving Castlegar airport in July

The airline says market can’t handle two airlines

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

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

Kelowna-Lake Country MLA Norm Letnick, assistant deputy speaker at the B.C. legislature, presides over committee discussions. The legislature is completing its delayed spring session this week, with most MLAs participating by video conference. (Hansard TV)
B.C.’s daily COVID-19 infections dip below 100 over weekend

Only 68 new cases recorded Monday, four additional deaths

B.C. ambulance station in Revelstoke is expected to get a new system called the Scheduled On-Call (SOC) this fall. (Liam Harrap - Revelstoke Review)
B.C. ambulance changes could put Revelstoke residents at risk, warn local paramedics

Paramedics said to expect a substantial increase in ambulance response time starting this fall

The BC Ferries website went down for a short while Monday morning following a provincial announcement that recreational travel between health authorities can resume Tuesday. (Black Press Media file photo)
BC Ferries’ website crashes in wake of provincial reopening announcement

Website back up now, recreational travel between health regions to resume as of Tuesday

The Kamloops Indian Residential School is photographed using a drone in Kamloops, B.C., Monday, June, 14, 2021. The remains of 215 children were discovered buried near the former school earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Communities grapple with what to do with former residential and day schools

Some tear them down as a tool to help healing, others repurpose them as tools for moving forward

FILE – Provincial health officer Dr. Bonnie Henry talks about B.C.’s plan to restart the province during a press conference at Legislature in Victoria, Tuesday, May 25, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. watching U.K.’s COVID struggles but don’t think province will see similar pitfalls

Studies show that one dose of vaccine is only 33 per cent effective in preventing B.1.617.2 spread

RCMP Const. Shelby Patton is shown in this undated handout photo. RCMP say that Patton was hit by an allegedly stolen truck that he had pulled over on Saturday morning in Wolseley, east of Regina. THE CANADIAN PRESS/HO, RCMP
Pair charged in Saskatchewan Mountie’s death make first court appearance

Const. Shelby Patton was hit by an allegedly stolen truck that he had pulled over Saturday morning

David and Collet Stephan leave for a break during an appeal hearing in Calgary on Thursday, March 9, 2017. THE CANADIAN PRESS/Todd Korol
Appeal Court rejects stay for Alberta couple facing third trial in son’s death

Pair accused in their earlier trials of not seeking medical attention for their son sooner

Most Read