Canada Finance Minister Resigns Amid Friction With Trudeau

Canadian Finance Minister Bill Morneau announced his resignation saying in a press conference that Canada is moving to the next stage of the struggle against the Coronavirus pandemic, and this currency may take many years in order to achieve economic recovery, and it is the right time now for a new person to take over this the mission.

Media outlets reported that the reason for the resignation was that there were tensions between the Finance Minister and the Canadian Prime Minister over new spending plans to support the economy in recovering from the Coronavirus.

Fitch today announced earlier that it decided to reduce Canada’s credit rating from AAA to AA+, while maintaining a stable outlook, in light of the deterioration of the Canadian economy from the repercussions of the outbreak of the Coronavirus.

“As we move to the next phase of the COVID-19 pandemic and pave the road for our economic recovery, we must recognize that this process will take many years. It’s the right time for a new finance minister to deliver on that plan for the long and challenging road ahead,” Morneau said, adding that he’d promised not to run for more than two terms.

“That’s why I’ll be stepping down as finance minister and as Member of Parliament for Toronto Centre”, he continued. “I will look forward to watching politics from the outside.”