Canada unveils new budget, plans first sovereign wealth fund

Canadian Prime Minister Mark Carney’s government unveiled a budget on Thursday aimed at strengthening economic independence and reducing reliance on the United States.

The budget, titled “Masters of Our Destiny,” was presented by Finance Minister François-Philippe Champagne and outlines plans for an economic transformation to address weak productivity growth and declining private-sector investment.

It also includes plans for Canada’s first national sovereign wealth fund, worth CAN$25 billion, to invest in Canadian companies and major national projects.