MNI: Freeland-Banks Well Capitalized, Budget To Focus Stimulus

Canada's Finance Minister Chrystia Freeland said Monday the nation's financial system is resilient to recent global turmoil and her budget due next week will deliver targeted spending aimed at helping poorer families keep up with inflation.

"We have a financial system that has proven its strength time and again. Our financial institutions have the capital they need to weather periods of turbulence," Freeland said during a speech in Oshawa just east of Toronto.

On the budget due Tuesday of next week she said: “For those Canadians who feel the brunt of rising prices most… Our government will deliver additional targeted inflation relief. This support will be narrowly focused and fiscally responsible.” Broader relief “would only make inflation worse, and force rates higher for longer.” (See: MNI INTERVIEW: Deficit Means Little Scope For BOC Cut- Asselin)