Posted on 11/24/2007 8:51:17 AM PST by george76
Quebec's Liberal government has announced a $620 million aid package for the province's bruised manufacturing sector.
The measures, to be rolled out over the next five years, will help Quebec companies and businesses adjust to the Canadian dollar's unprecedented gains.
Some $256 million of the money announced Friday in Montreal is new funding. The rest was previously included in Quebec's May 2007 budget.
Premier Jean Charest said the measures will help companies adapt to the rapid rise in the Canadian dollar.
"That the dollar rises so quickly is brutal for the Quebec economy," he said.
The upside has been lower prices for some goods. "I don't want to leave the impression that there are only disadvantages to the rise in the dollar,"
Quebec officials estimate some 24,400 jobs were lost in 2006 because of the fallout caused by the strong loonie. So far this year, as many as 36,700 jobs have been cut in the province.
The province’s "buy local" program won’t make much of a difference either, Taillon said.
The province’s largest unions also applauded the Liberal plan...
(Excerpt) Read more at cbc.ca ...
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