Thank you, Mr. Chair. We just went through this exercise in 2008 where there was a global recession that impacted on the Northwest Territories and it had real implications. I think we were protected or sheltered a certain bit because, as a government, we had already started to take some action, recognizing this eventuality was going to occur. At that time we had a lot more flexibility than we do now. We took action to provide for increased capital spending to provide a stimulus for communities.
Also the fact that the diamond mines, although they shut down for a period of time, they didn’t shut down for good or for an extended period of time. So we were able to do that. I think that we will have to go back to providing for development in every community to provide for local economies, to work with the different regions to try to protect what we have.
As a Business Development Corporation, we reduced interest rates for the clients of BDIC so their costs of operation would go down so they could ride through the recession. So those are the kinds of things we can do as a government. Thank you, Mr. Chair.