Thank you, Mr. Speaker. Mr. Speaker, on December 1, 1993, the federal/provincial/territorial Ministers of Finance met in Halifax, Nova Scotia. The discussion centred around what can be done by governments in Canada to promote stronger growth and employment within their current fiscal constraints. The Canadian economy has not been growing as expected and jurisdictions in Canada are facing crippling deficits. There is a need, Mr. Speaker, to bolster confidence and to take government action which will promote stronger growth and job creation.
While a number of provinces were concerned that the federal government might act independently to reduce transfer payments, the foundation was laid to address financing and program issues cooperatively. A number of common objectives were identified which will require governments in Canada to make some difficult decisions. However, with some program restructuring, it is hoped that governments will be able to delivery their programs better, at less cost. Almost all provinces expressed a willingness to put all programs and financing issues on the table. At the same time, it was recognized that the basic objectives of our social programs must be preserved.
Ministers of Finance will be meeting again in early 1994, to more specifically address some federal proposals concerning the major transfers to the provinces, the reduction of overlap and duplication in some programs, monetary policy and changes to the tax system. While the Government of the Northwest Territories is not faced with the burgeoning deficit and debt problems of the provinces, we also do not have their revenue -raising capability. Our financial dependence on southern Canadian jurisdictions is enormous.
We must participate cooperatively in measures taken to limit the growth in government debt and to increase the efficiency of the public sector.
Mr. Speaker, Members are aware of the major restraint measures which were imposed by the Government of Canada on our formula financing arrangements. We will continue to press the Government of Canada to change those arrangements in ways that will help stimulate economic growth in the Northwest Territories, and make federally-imposed constraints more comparable to provinces. However, we are dependent on the federal government in extreme financial difficulty and this will continue to make funding levels uncertain.
The work done in Halifax was a beginning. We will continue to work with Canada and the provinces to develop solutions which will reduce overlap and duplication in government, preserve our social programs and make them more affordable, and to orient policies and programs to foster stronger economic growth and employment. Thank you, Mr. Speaker.