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Archived - Chapter 5
Conclusion and Next Steps

Canada's Economic Action Plan will help to protect Canadians from the global economic downturn while providing the solutions we need to secure long-term growth. It builds on previous actions taken by the Government to support the economy by providing timely and historic amounts of stimulus to boost growth, maintain confidence and promote recovery in all regions of the country.

While many of the measures presented in the Plan are tailored specifically to help Canadians face the economic slowdown, they all align with the Government's long-term economic plan, Advantage Canada, that was introduced in the fall of 2006 to build a stronger economy and create future employment opportunities by improving the competitiveness of Canadian businesses and making Canada a more innovative, productive and prosperous country.

The Government is moving forward aggressively to implement the Action Plan in a manner that responds to the current needs of Canadians while ensuring continued strong management of federal spending. While the Government is prepared to take innovative approaches when necessary, it is not prepared to take action that is contrary to all the normal controls and oversight.

In order to provide the stimulus when Canadians and our economy need it most—now and next year—the Economic Action Plan must first be approved by Parliament. The Budget Implementation Act, 2009 and the 2009–10 Main Estimates, which contain Action Plan initiatives, are currently before Parliament. With the cooperation of all Parliamentarians, these Acts would allow for more than 90 per cent of beneficial stimulus to start flowing into the Canadian economy as early as April. The Budget Implementation Act, 2009 would also provide the Canada Revenue Agency with a basis for ongoing administration of tax measures.

In the meantime, the Government is moving forward on a number of fronts to ensure the Action Plan is implemented rapidly, including:

• Negotiating and finalizing agreements with provincial and territorial governments on a range of measures that involve provincial partnerships.
• Concluding discussions with third-party organizations and finalizing funding agreements with private sector delivery partners.
• Tendering and awarding contracts and Requests for Proposals for federal infrastructure projects.
• Reviewing applications and selecting projects for a number of programs that are federally administered.
• Making necessary regulatory changes where required for certain other measures.

Successful implementation of this Action Plan will best be achieved through cooperative working relationships between federal, provincial and territorial governments. As noted above, the Government of Canada is working closely with its provincial and territorial partners on a number of cost-shared initiatives, including social housing, municipal infrastructure and enhanced labour market training.

Those efforts will continue so that the economic stimulus is delivered in a timely fashion. Federal, provincial and territorial Ministers of Finance will meet on May 25 to take stock of the economy, review progress made in implementing the economic stimulus, and share views about approaches that are clearly working and making adjustments in areas where more progress is needed.

The private sector also has a role to play by ensuring that the Government has full information about how best to implement and administer programs in a manner that has the maximum economic impact. For example, by working together with the chartered banks, the Business Development Bank of Canada and Export Development Canada are on track to maximize the flow of financing to businesses in Canada.

The Government will continue to consult extensively with Canadians and Canadian businesses to ensure the success of the Economic Action Plan. For example, the Economic Advisory Council to the Minister of Finance continues to provide the Minister with updates and advice on both the economic situation and progress in implementing the Action Plan. In addition, the Minister of Finance is forming the new Advisory Committee on Financing to advise him on the design, scope and scale of initiatives under the $200-billion Extraordinary Financing Framework to improve access to financing for Canadian consumers, households and businesses.

Internationally, G20 leaders are meeting in April to take stock of the global economy. Leaders will also review reports of working groups on financial sector regulatory issues, including the results of a working group co-chaired by Canada on enhancing sound regulation and strengthening transparency in the financial sector.

Going forward, the Government will report regularly to Canadians on the implementation of the Economic Action Plan. Subsequent reports, which will be provided in June, September and December, will focus on projects that have been launched, dollars spent and outcomes achieved. In the 2009 Economic and Fiscal Update, the Government will also provide a comprehensive analysis of the impact of coordinated policy actions across all G7 countries, including Canada's.

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