Canada's Prime Minister Stephen Harper speaks to the media as Ontario Premier Dalton McGuinty (R) watches on in Toronto, December 20, 2008. The Canadian and Ontario governments announced on Saturday they would follow the United States in providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses.(Chinese media/Reuters Photo)
Photo Gallery
OTTAWA, Dec. 20 (Chinese media) -- Canadian Prime Minister
Stephen Harper and Ontario Premier Dalton McGuinty announced a
4-billion-Canadian-dollar (about 3.2 billion U.S. dollars) aid package for the
country's struggling auto industry on Saturday.
The two leaders made the announcement in a joint news
conference in Toronto Saturday morning, one day after President George W. Bush
offered a 17.4-billion-U.S.-dollar loan to the Detroit Big Three auto makers --
Ford, General Motors and Chrysler.
Canadian Federal government will contribute 2.7
billion Canadian dollars and Ontario province will contribute 1.3 billion
Canadian dollars, the two leaders said.
The "short term loan" is proportionate to the Big
Three's Canadian operations, which are estimated to be about 20 percent of North
American production, they said.
Canada's Prime Minister Stephen Harper speaks to the media as Ontario Premier Dalton McGuinty (R) watches on in Toronto, December 20, 2008. The Canadian and Ontario governments announced on Saturday they would follow the United States in providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses.(Chinese media/Reuters Photo)
Photo Gallery
The crippled auto industry is a "huge problem" that
faces the Ontario economy and the Canadian economy by extension and it is
"critical" for the governments to work together, Harper told reporters.
However, the prime minister said the aid will come
with "tough conditions," adding they have no intention of providing "a blank
cheque."
"Canadian taxpayers expect their money will be used
to restructure and renew the auto industry in this country," he said.
The aid package will provide loan support to others
along the automotive supply chain such as parts manufacturers and it will also
include measures to provide additional credit to consumers, Harper said.
Canada is the ninth largest vehicle producer in the
world. The auto sector is Canada's biggest contributor to manufacturing gross
domestic product (GDP) and its largest manufacturing employer.
A total of 155,000 people are employed in Canadian vehicle and parts manufacturing. Besides those who work in the sale and after-market service of vehicles, close to 1 million Canadians work in the auto industry. 
Canada's Prime Minister Stephen Harper speaks to the media as Ontario Premier Dalton McGuinty (R) watches on in Toronto, December 20, 2008. The Canadian and Ontario governments announced on Saturday they would follow the United States in providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses.(Chinese media/Reuters Photo)
Photo Gallery
Canada's Prime Minister Stephen Harper speaks to the media as Ontario Premier Dalton McGuinty (R) watches on in Toronto, December 20, 2008. The Canadian and Ontario governments announced on Saturday they would follow the United States in providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses.(Chinese media/Reuters Photo)
Photo Gallery
Posts
No comments:
Post a Comment