Prime Minister Stephen Harper welcomes early repayment of General Motors Loan

April 21, 2010

OTTAWA –Prime Minister Stephen Harper today met with senior executives of General Motors of Canada Limited and General Motors Corporation to welcome the news that GM Canada has repaid the financial support package provided by the Government of Canada in June 2009. 

“Less than a year ago, in the eye of a global economic storm, our government acted quickly and responsibly to protect Canadian jobs,” said Prime Minister Harper.  “Today, we are seeing evidence that this was the right decision.  Not only has GM repaid their loan in full, ahead of schedule, but new shifts have also been created at Canadian auto plants.”
 
During last year’s economic downturn, recognizing the integrated nature of the North American auto industry, the Government of Canada acted in concert with the U.S. Administration and the Government of Ontario to provide funding intended to help advance GM’s efforts to restructure, while maintaining Canada’s share of production and protecting Canadian jobs.
 
“We welcome this news from GM.  Our Government will continue working to create jobs and economic growth,” continued the Prime Minister.  “While the recovery still remains fragile, more and more we are beginning to see more positive results like this one.”
 
The loan repayment represents savings for Canadian taxpayers in both 2009-2010 and 2010-2011 due to a decrease in the Government’s forecasted borrowing requirements.  The Government of Canada continues to hold common and preferred shares in General Motors Canada Limited.