Prime Minister Unveils New Community Development Trust To Help Canadians Adjust To Global Economic Volatility
January 10, 2021
New Brunswick becomes the first province to sign on to national program that will create new opportunities for vulnerable communities and laid-off workers
Fredericton, NB – Prime Minister Stephen Harper, joined by New Brunswick Premier Shawn Graham, today announced that the Government of Canada will provide New Brunswick with $30 million as part of a new national Community Development Trust designed to help provinces and territories assist communities and workers suffering economic hardship caused by the current volatility in global financial and commodities markets.
“The Government of Canada will assist vulnerable communities and laid-off workers by investing $1 billion in the Community Development Trust,” Prime Minister Harper said. “This is a major new national initiative under which our Government will support provincial and territorial efforts to build a stronger, better future for communities and workers who have been hurt by international economic volatility.”
The Prime Minister and the Premier made the announcement at the Marwood lumber mill, just outside Fredericton. New Brunswick’s forest industry has been particularly hard hit by exchange rate fluctuations and turmoil in the U.S. housing sector.
“These are indeed difficult times for the forest industry, workers and communities right across Canada. Forestry has long been the engine that drives the New Brunswick economy and the recent downturn has hurt our province,” Premier Graham said. “We must find ways to diversify our economy and move away from the concept of one industry towns. We are hopeful that today’s announcement will help us achieve those goals and we are pleased that the Prime Minister and his Government have made this commitment.”
The New Brunswick Government has identified several measures that will help move the province toward this goal, including:
The Community Development Trust will be funded out of the 2007-2008 budgetary surplus. The Trust will have a three-year lifespan starting as soon as Parliament approves the required budgetary legislation. A base amount of $10 million will be allocated to each province and $3 million to each territory. The balance of the funding will be allocated on a per capita basis.
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