By Elishya Perera
MONTRÉAL, Québec (CWBN)_ Prime Minister Justin Trudeau is expected to announce Michael Sabia, former chief executive officer at Caisse de dépôt et placement du Québec (a Québec pension fund), as the top bureaucrat of Canada’s finance department, today (Dec 07).
While this was first reported by Maclean’s magazine, other sources with knowledge of the matter have also confirmed the planned appointment.
Accordingly, Sabia will be appointed as the deputy finance minister, following the retirement of Paul Rochon a day after the Trudeau government delivered a mini-budget which projected a deficit of C$381.6 billion this fiscal year.
Earlier this year, Sabia retired from his post as the head of the Québec Pension Fund, capping an 11-year run. Named the ‘Savior’ of the Pension Fund, by Wall Street Journal, Sabia steered Caisse de dépôt & placement du Québec out of danger, diversified its investments and tripled its assets, during his tenure. He was also the chief executive officer at BCE Inc., the nation’s biggest telecommunications company, from 2002 until 2008. Since the COVID-19 pandemic began, Sabia has been an aide on economic policy issues for Trudeau’s government as the chairman of the state-run Canada Infrastructure Bank.
The deputy finance minister is the country’s third-highest ranking policy maker on economic matters, after the finance minister and Bank of Canada governor. Following his appointment, Sabia will be required to assist the government in putting together a post-pandemic stimulus package worth as much as C$100 billion ($78.3 billion) which was promised by Finance Minister Chrystia Freeland last week.
