Central bankers in Canada and around the world are expected to cut rates in the finance Minister, Bill Morneau will join a call tomorrow of G seven finance ministers to talk about how to reduce the economic impact of Cove in 19.

Look, with a budget on the way, there's a real question.

Is Canada prepared for all this?

We've got n peace here to discuss that Greg Fergus joins us here in studio.

He is, of course, a liberal MP in the parliamentary secretary to the minister of the Treasury board.

Pat Kelly is the associate finance shadow minister for the Conservatives.

He's in Calgary and from Vancouver.

Don Davies, the NDP health critic and deputy critic for public safety.

Emergency preparedness joins us right now, and I'll start with you.

Mr Fergus, we've got a budget coming up, and there's genuine concern that your government has the big knock on the government since you guys got elected.

As you keep breaking your balanced budget.

I know you talk a lot about debt to GDP ratio.

But the deficits keep climbing and climbing and critics said, Hang on on a rainy day, you will not be prepared.

Covert 19 Is that rainy day?

Is there a plan?

Well, before we get into the economic plan, I think it's really important Just to reassure Canadians First is to making sure that they take a look at the Public Health Agency of Candles website to find out ways that they can make sure that they take all the measures possible to protect themselves and to protect their families.

This is not something for us to begin the crisis for.

We've been dealing with this since, uh on this eventuality of having such a situation developed since stars.

And I'm really glad to say Dr Tom and her team have been really working hard to make sure that Canadians are kept safe.

Now on to your question, which I think is a really good question tohave finance ministers.

Finance Minister Bill Morneau is going to be meeting with the G seven counterparts to talk about ways that all countries can can take it a necessity int as to the economic impact I think we still have room to do this and I think if there's any country that is best prepared to deal with this, it's kinda We do have the lowest and I know you don't want to hear this, but we do have the lowest GDP Thio debt to GDP ratio in the G seven.

But I fear it's going up.

The deficits have gone up.

I'm just asking is there is, I guess, what?

I'm I guess most people are assumed.

Okay, so the liberals are saying If we need money, we'll just go deeper into deficit.

Is that the answer?

Well, I think we have told you to ask yourselves where you have to go deeper deficit in relationship to what?

In relationship to other countries into other economies.

And I think once again, Candace, the best prepared country to deal with this.

And this is a reason why Canadian should have pushed back.

That's the federal debt to GDP ratio.

If you actually count the provincial debt to GDP ratio, it's totally different on you and I both know that rating agencies like Fitch have continually warned your government when you count some national debt, it's a different picture.

Health care is a provincial jurisdiction.

Are you guys not concerned?

This could have a real impact on the country?

Well, it's goingto have an impact on the country.

That question is its relative toe.

What and Canadian should be reassured that the government a candle will be there toe help out of provincial partners as we're working very closely with them to making sure that there won't be a devastating impact with this with the krone fires, Mr.

Kelly, look, this is an evolving situation.

Almost nobody.

No country could have predicted this happening.

Do you believe Canada's prepared both physically and from a health point of view to deal with this girl in crisis?

Well, first of all, I I share my colleagues, and I'm sure the the best wishes of all parliamentarians that for comedians to stay safe and and with our best hopes that this will not adversely affect the health of too many Canadians.

But to the question of preparedness, there's certainly no fiscal preparedness.

This government has spent the cupboard bare during times of economic growth.

It inherited the lowest federal debt to GDP level in the G among G seven countries and it has throw its its tenure in office so far, continued to recklessly run up deficits to discard all of its previous promises.

And it's, ah, this so called fiscal anchors there promise that they would cut just to be fair.

So, just to be fair, they haven't run up that fiscal anchor that much.

The debt to GDP ratio has gone up a little, but let's be fair on that point.

It hasn't been going up.

The deficits have nothing.

The debt to GDP?

Well, we'll see what the next quarter that's going to factor in.

All of the storm clouds that are beginning to build on the debt to GDP level did rise in the previous quarter, which was something that they had promised would not happen just the same way.

They promised that they would balance the budget by 2019.

So each one of these promises of a threshold that they will not cross.

We have now crossed some of these, and I don't think there's any reason for Canadians to take this government at its word that that it will continue to maintain any any so called anchor that it may ah attach itself to the the This government right now has now witnessed, uh, just the most bear.

Modest positive growth of the fourth quarter before the effects of the blockades will show up in GDP figures before the Corona virus will show up in any of the economic statistics.

So the cupboard was spent bare before this this current crisis and ah, you Canadians are right to be concerned about the preparedness of this government financially for for this event, Don Davies, both financially but also in a health point of view since the last time we spoke.

And there's been a soaring number of cases of Corona virus once years, your take on on the preparedness question as this thing starts to change every day.

Well, I think we have to remember.

First and foremost, this is a health issue and our number one priority is part of materials should be the health and safety of Kagan's touch on the economic impact for second, which is also extremely important.

But from health point of view, we need to see a really detailed plan that speaks to assuring Canadians that we have enough supplies onda equipment in our hospitals.

We have to make sure that we have the capacity, the beds in our hospitals and clinics across this country.

We've got to make sure that we have the diagnostic testing ability to make sure that no matter where you live in this country, you can get rapid access to diagnostics.

And we're not hearing any kind of plan like that.

You know, I continue to see Canada fall behind the International.

It's international partners in every single, uh, sort of reaction to this we see in Italy, they've quarantined 14 towns.

Australia has just renewed its ban on travelers from China.

Greece is canceling large scale events.

You know, Saudi Arabia now is is, uh, you know is effectively canceling the you advocating for Canada.

No, I'm not.

We have 30.

What do you want?

Can you know?

What I'm saying is that when you it provides a context to show what other countries are doing, some of those countries don't have significantly more cases than we do either.

But it just shows that other countries, I think are more proactive in getting in front of this because it's so vital that we contain this virus.

At the early stage, every a p genealogist you talk to will tell you that that this is where you put your efforts up front and I'm not seeing that kind of reaction.

Certainly we haven't heard from the health minister of the prime Minister.

What the details are in that respect on the economic front, I just want to say quickly, I'm sure my colleagues on the show will tell you we're seeing economic impacts on the ground.

I mean, here in Vancouver, there are restaurants that are closing because there's a lack of clientele.

There are businesses that air feelings right now.

It speaks to Pat's point about about the impact.

I think that we're feeling now.

Hasn't shown up in the official numbers yet, but it will lot last point.

Can you respond to that?

I mean, Mr Kelly's right 0.0.3 percent growth.

It's already slow.

Corona.

Every analyst we've talked to say they're expecting possibly a recession.

What is the plan?

Well, the plan very much first plan is to making sure that we're dealing with the health of Canadians.

And so, to Mr Davies point about where the where cada is can actually has a plan in place.

Dr.

Tom has been giving daily updates.

The minister of health has been giving daily updates have been very transparent with Canadians.

We invite him to be a part of it.

This is not a time for us.

It's a time for us to remain calm.

It's time for us to make sure that we're taking the measures.

Simple measures like that's how we wash our hands.

If you're sick, don't go in tow work.

Don't go out into public self isolate.

I mean, we've been talking about these things we've been sharing.

This was Canadian.

So it's out there.

That's the important thing in terms of the fiscal capacity contract.

What Mr Mr Kelly had said, cada uh now has the lowest A GDP to debt ratio.

We do have the fiscal ability to deal with this, and we're gonna be working and locked up with our international partners to making sure that we don't through panic caused people to lead to a global recession.

Mr.

Kelly.

Mr.

Ferguson.

Mr.

Davis, I really appreciate all three of you joining us today on an evolving situation.