Canada Finance Minister resigns

Bill Morneau resigned, the Canada’s finance minister on Monday after weeks of speculation about his political future following his role in a charity scandal that rocked the Liberal minority government.

Morneau said he was not asked to resign but added that he is no longer the appropriate the person for the job.

Morneau resigned as finance minister on Monday and announced that he will also step down from his parliamentary seat. The politician said he would not run for parliament again and would instead seek to become the next secretary general of the Organization for Economic Cooperation and Development (OECD).

The move comes amid reports of differences with PM Justin Trudeau over government spending to protect the economy during the coronavrius pandemic.

Prime Minister Justin Trudeau accepts resignation and hailed Morneau’s five years of steering the Canadian economy through a new government, an oil price crash and the economic fallout of a global pandemic.

Morneau’s ability to remain in the job was an open question after his revelation that he had accepted complimentary trips from WE Charity before taking part in cabinet discussions to approve a $544-million contract for the organization, and only reimbursed the charity on the eve of an appearance before a House of Commons committee.

Trudeau now faces two of the biggest political crises that a government could confront first is the the abrupt loss of a finance minister and one of the biggest economic crashes in Canada’s history.

Next PM need to name a political and financial leader he can trust to carry the confidence of financial markets and a minority parliament, reunite a restive caucus, and lead the way to an economic recovery that Morneau said “will take many years.”

Trudeau did not immediately announce a replacement following Morneau’s resignation, but was expected to do so by Tuesday or Wednesday morning at the latest.

Canada’s government is predicting a historic CDN$343 billion ($260 billion, €218.7 billion) deficit for 2020-21 resulting from its economic and stimulus plans to battle the impact of COVID-19. Total coronavirus support is nearly 14% of gross domestic product.

Trudeau has called the spending a lifeline to Canadians battling to stay afloat.

Recent news that Mark Carney, a former governor of both the Bank of Canada and Bank of England, is advising Trudeau during the pandemic fueled speculation that Morneau might be replaced.

However in covid era,Trudeau and Morneau reportedly clashed over how to spend billions of dollars to deal with COVID-19’s impact on the Canadian economy the measures that have racked up a $343 billion deficit on the books.

Published by Naresh Sagar

Mentor MSME, Motivator, Media Event Org, Management fiscal & Water management.Social Media branding,Internet broadcasters,Propunder of Indian Philosophy

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