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A Report on Plans and Priorities (2001-02 Estimates) - 1
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Section I: Minister’s Message

The Honourable Paul Martin, P.C., M.P.

As the federal department primarily responsible for the Government’s finances and policies for economic development and growth, the Department of Finance directly supports the government’s efforts to provide all Canadians and a better quality of life.

In recent years, thanks to the determination of Canadians, the nation’s finances have been put on a solid footing through prudent economic and fiscal planning. At the same time, funding for a number of key social programs has been increased and the tax burden for taxpayers and businesses has been significantly reduced. As well, the government has placed a priority on efforts to keep Canada at the forefront of the knowledge economy through increased investment in skills and learning, as well as research and development.

The Canadian economy has gone through an extended period of low-inflationary growth and low unemployment. At the end of 2000, Canada had recorded 21 consecutive quarters of GDP growth and its lowest unemployment rate in 25 years. This strength augurs well but with the prospect of a slowing economy in the United States, we cannot afford to be complacent.

The Department of Finance will continue to ensure that the Government’s economic and fiscal position is protected with the inclusion of prudence to cope with unforeseen circumstances. Prudent planning combined with ongoing efforts to reduce Canada’s national debt will allow the Government to meet its commitments, both now and in the future. In its annual assessment of the nation’s economy, the International Monetary Fund noted that "the strong policy framework in place has positioned the real and financial economy to cope with any new major economic shock, including a slowdown in U.S. growth."

A further ongoing challenge is to manage increased interdependence among countries in the international financial system. As one of the founding members of the G-20, which Canada chairs, we continue to work with other major industrialized countries and international financial organizations to promote global financial stability.

The dedicated public servants who work in the Department of Finance are determined to continue providing effective stewardship for the nation’s finances and make life better for Canadians.

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