Sunday, July 21, 2024

Finance Minister Assures Fiscal Responsibility Despite Pharmacare Deal

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Finance Minister Assures Fiscal Responsibility Despite Pharmacare Deal

Canada’s Finance Minister, Chrystia Freeland, assures that the newly agreed-upon pharmacare program will not jeopardize the country’s fiscal standing.

The program, a key part of the government’s deal with the NDP, will provide free diabetes medication and birth control to all Canadians with health cards.

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Freeland emphasized the government’s commitment to both investing in Canadians and remaining fiscally responsible. This includes adhering to spending rules outlined in the fall economic statement.

The government aims to keep deficits below 1% of GDP starting in 2026-27, maintain the current deficit at or below the projected $40.1 billion, and lower the debt-to-GDP ratio in 2024-25.

Health Minister Mark Holland previously raised concerns about the cost of a pharmacare program, but negotiations focused on what types of diabetes supplies to include.

The Liberals reportedly have allocated $800 million for the initial program.

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