Canada sets "sustainable" health funding formula

Mon Dec 19, 2011 4:29pm EST
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VICTORIA, British Columbia (Reuters) - Canadian Finance Minister Jim Flaherty unveiled what he called a fiscally sustainable formula for increasing federal transfers to the provinces for health care, one that will increase spending by less than the current 6 percent a year.

The Canadian government will increase its health transfers to the provinces to C$38 billion ($36.7 billion) in 2018/19 from C$30 billion in 2013/14.

"Our landmark investment means health care funding will continue to grow at record levels and in a fiscally sustainable manner. This investment will help ensure our health care system is there when Canadian families need it," Flaherty said in a statement after meeting provincial finance ministers in Victoria.

($1 = 1.04 Canadian dollars)

(Reporting by Keith Norbury; Writing by Randall Palmer)