Thank you, Mr. Speaker. As Members are aware, the Formula Financing Agreement for the Northwest Territories was signed on October 23, 1998 in a colourful ceremony in the Great Hall of this Legislative Assembly. The agreement covers the period April 1, 1999 to March 31, 2004. On the same day, the Nunavut Formula Financing Agreement was signed in a similar ceremony in Iqaluit.
As Members know, the Honourable Paul Martin, federal Minister of Finance was on hand in both Iqaluit and Yellowknife to sign the Agreements on behalf of the federal government. I would like to take this opportunity to thank Mr. Martin for his support in concluding these agreements. Mr. Martin has shown a great willingness to listen to northern concerns and for this, Mr. Speaker, our government is very grateful.
Mr. Speaker, the signing of this agreement marks an important milestone in the evolution of the Northwest Territories and Nunavut. Mr. Speaker, the new arrangements will provide the Northwest Territories and Nunavut with the means to operate their governments in a climate of fiscal stability for the next five years.
Mr. Speaker, the signing of these agreements represent the conclusion of a great deal of effort and cooperation on behalf of all the parties involved: the GNWT, Finance Canada, DIAND, the Western Coalition, the Nunavut Interim Commissioner's Office, Nunavut Tunngavik. I would like to
thank all of the parties involved for all the hard work put forward into this process. Mr. Speaker, later today at the appropriate time, I will be tabling the NWT Formula Financing Agreement in this House. Thank you.