Canada pledges USD910M to boost border security to address irregular migration, drug trafficking
Date
12/18/2024 7:56:00 AM
(MENAFN) Canada has pledged 1.3 billion Canadian dollars (approximately 910 million U.S. dollars) to enhance border security, as part of its efforts to address irregular migration and drug trafficking concerns. The announcement, made in the recently released 2024 Fall Economic Statement, comes amid a significant increase in the country's deficit, which surged nearly 50 percent above the target set by the government. The deficit for 2023-2024 stands at 61.9 billion Canadian dollars (43.5 billion U.S. dollars), well beyond the projected 40.1 billion Canadian dollars (28.2 billion U.S. dollars).
The increase in the deficit is attributed largely to one-time costs associated with settling various Indigenous legal claims, as well as booking contingent liabilities related to these settlements. Despite this, Canada’s Finance Minister, Dominic LeBlanc, emphasized that his top priority would be to reduce the cost of living for Canadians while also working to strengthen ties with the United States. LeBlanc's focus on cost-of-living concerns comes amid external pressures, including U.S. President-elect Donald Trump's past threats to impose tariffs on Canadian and Mexican imports unless both countries take action on migration and drug trafficking.
Looking ahead, the Canadian government projects a steady decline in the debt-to-GDP ratio, with a decrease from 41.9 percent in 2024-2025 to 38.6 percent by 2029-2030. Additionally, the government expects to keep the deficit under 1 percent of GDP by 2026-2027 and in subsequent years. These fiscal plans reflect the government's efforts to balance the need for security investments with a commitment to long-term economic sustainability.
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