Global inflationary pressures continue to rise and are increasing costs of living and squeezing out the middle class. Extreme volatility has plagued commodity markets, increasing the cost of everyday goods including necessities such as food. The IMF must consider how best to assess and respond to growing global risks, many of which—including rising costs of food and fuel—have been exacerbated by Russia’s invasion of Ukraine.
We remain steadfast in our support for and solidarity with Ukraine. Equally, we remain united in our condemnation of Russia´s war of aggression against Ukraine and the tragic loss of life resulting from the war and reiterate the statement made by our Leaders on 11 October 2022.
We note the publication today of a consent solicitation from Ukraine to defer the debt service due to bondholders from August 1st, 2022 and to extend payment maturities.
The federal government takes the issues of money laundering and terrorist financing very seriously, and welcomes the Cullen Commission’s final report. The government will closely examine the report and continue working with all partners, including the Government of British Columbia, as part of its efforts to review and improve Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime.
On February 18, 2022, the federal government provided an update on the Trans Mountain Expansion Project. With 50 per cent of the pipeline already built and the project significantly de-risked, the federal government announced that no additional public money will be spent on the project and Trans Mountain Corporation would secure the funding necessary to complete the project with third-party financing.
In response to Russia’s invasion, Canada has joined its partners and allies in imposing the strongest sanctions ever inflicted on a major economy, while also directly sanctioning President Putin and over 900 other Russian individuals and entities. Canada has also provided immediate support to Ukraine and its people, and has offered two bilateral sovereign loans to Ukraine, worth up to CA$620 million. Canada will continue to do more in the weeks and months to come.
