OTTAWA, March 4 (Reuters) - Senior Canadian cabinet ministers will meet with the top economic aide to U.S. President Barack Obama on Thursday to co-ordinate government plans to aid struggling automakers, Canada's industry minister said on Wednesday.
Industry Minister Tony Clement said he and Finance Minister Jim Flaherty will meet with White House aide Larry Summers in Washington to share notes on their respective plans.
Flaherty will later meet separately with U.S. Treasury Secretary Timothy Geithner, a spokesman for the finance minister said.
The meetings will help prepare for the March 14 meeting in London of finance ministers from the G20 leading and emerging economies, and allow both sides to discuss their respective stimulus plans and economic outlooks.
Clement's agenda is focused on emergency aid to the auto sector.
The Canadian units of General Motors and Chrysler -- controlled by Cerberus Capital Management LP -- presented restructuring plans to Ottawa last month with a March 31 deadline for reaching an agreement on government aid.
'We're still undergoing our review of their plans,' Clement told reporters.
'I intend to discuss those with Larry Summers. It looks like we're scheduled to meet with him tomorrow, Jim Flaherty and myself. We'll be discussing issues including the auto sector and making sure that we understand where they're coming from and they understand where we're coming from,' he said.
In late December, Canada said it was prepared to provide C$4 billion ($3.1 billion) in emergency loans to the automakers.
GM Canada is eligible for loans of up to C$3 billion, while Chrysler Canada is eligible for up to C$1 billion. The Canadian arm of Ford Motor Co has not asked for immediate assistance.
($1=$1.27 Canadian)
(Reporting by Louise Egan; editing by Rob Wilson) Keywords: CANADA ECONOMY/USA (louise.egan@thomsonreuters.com; +1 613 235-6745; Reuters Messaging: louise.egan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Industry Minister Tony Clement said he and Finance Minister Jim Flaherty will meet with White House aide Larry Summers in Washington to share notes on their respective plans.
Flaherty will later meet separately with U.S. Treasury Secretary Timothy Geithner, a spokesman for the finance minister said.
The meetings will help prepare for the March 14 meeting in London of finance ministers from the G20 leading and emerging economies, and allow both sides to discuss their respective stimulus plans and economic outlooks.
Clement's agenda is focused on emergency aid to the auto sector.
The Canadian units of General Motors and Chrysler -- controlled by Cerberus Capital Management LP -- presented restructuring plans to Ottawa last month with a March 31 deadline for reaching an agreement on government aid.
'We're still undergoing our review of their plans,' Clement told reporters.
'I intend to discuss those with Larry Summers. It looks like we're scheduled to meet with him tomorrow, Jim Flaherty and myself. We'll be discussing issues including the auto sector and making sure that we understand where they're coming from and they understand where we're coming from,' he said.
In late December, Canada said it was prepared to provide C$4 billion ($3.1 billion) in emergency loans to the automakers.
GM Canada is eligible for loans of up to C$3 billion, while Chrysler Canada is eligible for up to C$1 billion. The Canadian arm of Ford Motor Co has not asked for immediate assistance.
($1=$1.27 Canadian)
(Reporting by Louise Egan; editing by Rob Wilson) Keywords: CANADA ECONOMY/USA (louise.egan@thomsonreuters.com; +1 613 235-6745; Reuters Messaging: louise.egan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.