Atlantic Accord
One of his most notable achievements was negotiating with the federal government to implement the Atlantic Accord, a multi-decade regional development program that had been approved in principle during the late 1980s to prevent provincial government offshore oil and gas royalties from being included in calculations for the federal equalization program. This resulted in an $830 million payment in 2005 from the federal government, which Hamm applied against the principal on the province's long term debt, thereby reducing debt servicing payments by over $50 million annually.
Read more about this topic: John Hamm
Famous quotes containing the words atlantic and/or accord:
“‘Society’ in America means all the honest, kindly-mannered, pleasant- voiced women, and all the good, brave, unassuming men, between the Atlantic and the Pacific. Each of these has a free pass in every city and village, ‘good for this generation only,’ and it depends on each to make use of this pass or not as it may happen to suit his or her fancy.”
—Henry Brooks Adams (1838–1918)
“Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action; then we move from the remedy so available or desired back to a cause to which that remedy is relevant.”
—John Kenneth Galbraith (b. 1908)