Ceci in talks with Morneau regarding AB stimulus package
Posted Jan 29, 2016 4:37 pm.
This article is more than 5 years old.
Alberta Finance Minister Joe Ceci says he’s been in contact with his federal counterpart, Bill Morneau, about an anticipated stimulus package the federal government is believed to be bringing next week.
Ceci said he’s had discussions about the programs available to assist the province.
“It is challenging right now for all Albertans and that’s foremost in everybody’s mind at cabinet, and we need to find ways to support Albertans, and we’re doing that with discussions with Mr. Morneau,” he said. “I think the formula or the transfer is one that probably is one that’s best up to the prime minister and the federal minister to arrange.”
He added, no final decision has been made and it’s unclear where any money provided would be allocated.
The Liberal government has confirmed that Alberta may qualify for a financial boost under a little-known federal program to help ease the province’s economic pain from falling commodity prices.
Morneau said the province could be eligible for payments under the fiscal stabilization program and that Ottawa would work expeditiously to process any request.
Provinces can make claims under the program when their revenues tumble by more than five per cent from one year to the next.
The Alberta government has projected a double-digit decline in revenues in 2015-16 due to the steep slide in resource prices.
But Morneau said that under the program’s current rules, the maximum withdrawal Alberta can claim is about $250 million.
Payments from the program were capped in the late 1980s at $60 per provincial resident. Alberta’s population is about 4.1 million.
