Discussion · Government Orders
Gabriel Ste-Marie Bloc Québécois
“The government's new fund is not a real sovereign wealth fund. Those funds are paid for with extra money, but the government is borrowing money to create this one. It has no clear purpose and is just a gimmick.”
“Mr. Speaker, I 100% agree with what my colleague just said. A sovereign wealth fund is funded by surpluses. The government has no surplus, so it is going into debt to make it look like it does. That is not a sovereign wealth fund at all. There is a reason most analysts in the media are wondering what the point of it is. As Francis Vailles of La Presse said, it is a gimmick. Sovereign wealth funds have a clear objective, but what is the point of this particular sovereign wealth fund? On page 55 of his economic update, the Minister of Finance and National Revenue stated, “The Canada Strong Fund will focus on building Canada.” Well, that says it all.”
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“That is not a sovereign wealth fund.”
Said 4 times by 4 members since April 30.
Every time it was said
Mr. Speaker, I 100% agree with what my colleague just said. A sovereign wealth fund is funded by surpluses. The government has no surplus, so it is going into debt to make it look like it does. That is not a sovereign wealth fund at all. There is a reason most analysts in the media are wondering what the point of it is. As Francis Vailles of La Presse said, it is a gimmick. Sovereign wealth funds have a clear objective, but what is the point of this particular sovereign wealth fund? On page 55 of his economic update, the Minister of Finance and National Revenue stated, “The Canada Strong Fund will focus on building Canada.” Well, that says it all.