Government won't reduce provincial transfers: Flaherty

Fri Nov 28, 2008 1:42pm EST
 
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TORONTO (Reuters) - Finance Minister Jim Flaherty said on Friday Canada will not reduce transfers to provinces even though the country is close of slipping into a recession.

Flaherty, speaking at a luncheon meeting in Toronto, also said a review of government-owned assets should help it identify billions of dollars in savings.

"We're going to do a review which will include a careful approach to the sale of any asset, considering market conditions and making sure taxpayers receive fair value," he said.

"This comprehensive expenditure management system is expected to help us identify savings of more than C$15 billion over the next five fiscal years."

($1=$1.24 Canadian)

(Reporting by Scott Anderson; editing by Peter Galloway)