Canada’s Minister of Finance, Bill Morneau has announced his resignation amid reports of disagreements with Prime Minister Justin Trudeau over the way his government is spending to shield the economy during the coronavrius pandemic.
Morneau has resigned as the country’s Finance Minister and announced he would also step down from his parliamentary seat. He said he would not vie for parliament again but would instead contest as the next Secretary General of Organization for Economic Cooperation and Development (OECD).
The move is coming at a time when there are emergence of reports of disagreements with PM Justin Trudeau over his spending to protect the economy amid coronavrius pandemic.
Trudeau recently passed a vote of confidence in his finance minister as rumors of a rift between the them brewed. Morneau, 57, has been Canada’s Minister of Finance since Liberals took over power in 2015.
Morneau revealed he was not told to resign and added that he felt he was no longer the right candidate for the job.
The government of Canada is forecasting a historic CDN$343 billion deficit for 2020-21 fiscal period. The deficit is emanating from Canada’s economic and stimulus plans to fight the impact of COVID-19. The coronavirus support fund is approximately 14% of Canada’s Gross Domestic Product.
The spending has been described by Trudeau as a lifeline to Canadians struggling to stay afloat.
While reacting to Morneau’s resignation, Trudeau thanked him for his five years as Finance Minister and said “Canada will vigorously support his bid to lead” the OECD.
