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CANADA: Prime Minister Justin Trudeau says at Saturday press conference when
asked by MNI about estimates from private economists for a CAD100b deficit: "The
only thing they seem to agree on is that it's going to get very bad."
*"Fortunately, Canada is in an extremely strong fiscal position, we have one of
the lowest debt to GDP ratios," adding "that gives us the room to inject money
into people's pockets, into the economy, as necessary."
*"We will focus on ensuring that Canadians and companies get through this
difficult time, so that once we are through we can pick up where we left off,
continue to have a strong and prosperous economy."
*"We have the capacity to do that, and we will do what is necessary."
*Trudeau said earlier Canada will also "be there to support airlines and other
industries that have been sorely hit by this particular crisis."
*Canada last year saw deficit for fiscal year starting April 1 at CAD28.1b;
Trudeau earlier this week pledged CAD27b of aid amid COVID-19 and more in tax
deferments. Canada had a record CAD56.4b deficit in 2009-10 amid recession and
the global financial crisis.