Ordre des comptables agréés du Québec

Ordre des comptables agréés du Québec

February 25, 2009 15:33 ET

Prebudget Consultations: the Ordre des comptables agrees du Quebec Believes That Deficit Financing Should Remain an Emergency Solution

MONTREAL, QUEBEC--(Marketwire - Feb. 25, 2009) - Jean-Pierre Allaire, FCA, Chair of the Ordre des comptables agrees du Quebec, met this morning with representatives from the Ministere des Finances as part of the 2009-2010 Prebudget Consultations.

The Ordre des comptables agrees du Quebec supports the four priorities established by the government for the next budget, which are to protect jobs, support the economy and focus on the state of government finances and the vision for Quebec's economic recovery.

"In an economic slowdown, the portion of government revenue set aside to service the debt automatically begins to increase. The government should avoid falling back into the annual deficit spiral, which results in painful spending cuts," stated Jean-Pierre Allaire, FCA, Chair of the Ordre.

The Ordre des comptables agrees du Quebec believes it appropriate for the government to run a temporary deficit, given the current economic environment. It also believes that the government's stimulus spending should be reviewed on a regular basis and phased out once the economy recovers. In addition, the Ordre considers it crucial for the government to resume lowering its debt when the economic situation permits.

"We think that deficit financing should remain an emergency solution, since the anticipated deficit will cancel out much of the progress made in lowering the debt. Caution dictates that the debt be lowered to a level that ensures the sustainability and future flexibility of government," maintained Allaire.

According to the Ordre, it is imperative that the Quebec government adopt a flexible economic plan and set target dates within its annual budget cycle. The implementation of these measures would enable the government to make adjustments as the economic situation evolves.

The Ordre has recommended that the Ministere des Finances consider the possibility of tabling a new economic statement within six months.

With a membership of close to 17,500 CAs and 1,700 candidates for the practice of the profession, the Ordre des comptables agrees du Quebec carries out its primary mission to protect the public by enforcing the most demanding admission criteria and the highest professional and ethical standards.

Contact Information

  • Ordre des comptables agrees du Quebec
    Caroline Emmanuel
    External Relations Manager
    514-982-4615 or 1-800-363.4688, ext. 4615
    c.emmanuel@ocaq.qc.ca