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$3 billion stimulus fund passes Senate (Stimulus-Fund) |
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OTTAWA - The Senate has given the green light to a $3-billion fund aimed at quickly kickstarting Canada''s sluggish economy.
The Liberal dominated upper house gave approval late Thursday to the fund.
The move clears the way for Prime Minister Stephen Harper''s government to start doling out money as early as Wednesday.
But exactly how soon the money will start flowing depends on how quickly departments make submissions to Treasury Board, which must approve any spending from the fund.
A spokesman for Treasury Board president Vic Toews says the process has been streamlined in a bid to speed up approvals without sacrificing due diligence.
The fund is essentially an advance on the $40-billion economic recovery package unveiled in the Jan. 27 budget.
It will allow the government to start spending on job-creating infrastructure projects as of April 1, rather than waiting until June when much of the rest of the economic stimulus package is to begin flowing.
Source: The Canadian Press
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