Canadian PM Stephen Harper has announced $7.3B of federal stimulus package in response to global financial crisis

The Prime Minister of Canada announced Monday that the government will spend an additional $7 billion to boost economic activity across the country, bringing the total amount the country will spend to $11.2 billion.

The announcement came as Canada prepared for the end of the first week of the international financial crisis, and the country is set to spend more than $5 billion in emergency funding in the first six months of the new fiscal year.

The government will also make $732 million available to help businesses and workers, which includes a $4 million loan for new construction projects, a $250,000 grant to provide financial assistance to the province of British Columbia, and a $500,000 loan to help support businesses with the cost of new equipment.

The $731 million will go towards rebuilding Canada’s infrastructure, including the Highway of Heroes, the country’s major highways, as well as the construction of the $5.5 billion Crosstown LRT, which will run from downtown Toronto to the downtown core.


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