Mahsi, Madam Speaker. I would like to take this opportunity to make a few comments about the government's financial policy and approach to deficit management.

At the appropriate time, later today, I will table a report on this topic on behalf of the Standing Committee on Finance. The Standing Committee on Finance has urged the government to take a leadership role in dealing with urgent financial management issues.

Madam Speaker, the committee is very concerned about the possibility of the Government of the Northwest Territories entering into an accumulated deficit position. As Members are well aware, it would be very difficult to recover from such a position. There is limited ability in the territories to raise substantial revenues. The government must take immediate action to ensure that all avenues for limiting spending and for maintaining a strong financial position have been explored. A comprehensive strategy and long-term financial plan are urgently required.

Madam Speaker, the Standing Committee on Finance is ready and willing to serve as a sounding board and to assist in screening and organizing the information that would be required to ensure that meaningful discussion can occur in this House. While recognizing we must all work toward solutions to the pressing financial difficulties that face us, I strongly urge the Minister of Finance and Cabinet to provide the leadership required to reach consensus on the development of appropriate strategies. Mahsi, Madam Speaker.

---Applause