(Ottawa, Canada) - Ottawa has opened discussions on a potential First Nations sovereign wealth fund and directed ministers to work with First Nations on a path beyond the Indian Act.

Updated October 26: This article adds the Prime Minister’s Office announcement following Monday’s First Nations–First Ministers’ meeting.

The PMO says the finance minister is to work with First Nations leaders on how a fund could be established. The discussions are not evidence that the fund already exists.

The government also plans to expand the First Nations Finance Authority’s lending powers through changes to the First Nations Fiscal Management Act. The release announces an intended legislative change, rather than an enacted amendment.

Funding over different periods

The federal announcement sets out more than $2.5 billion over five years, plus nearly $450 million in ongoing funding, for emergency management and fire protection. It also announces more than $630 million over four years and $250 million in ongoing annual funding for First Nations and Inuit policing agreements.

Other commitments include $260 million over four years for Indigenous workforce readiness and an additional $140 million over four years for community safety. These figures cover different periods and purposes; they should not be treated as a single year’s spending or proof of delivered results.

Reform or abolition remains a discussion

Carney said the work beyond the Indian Act could involve reform or abolition, in partnership with First Nations, The Canadian Press reported. Manitoba Premier Wab Kinew had urged abolition earlier in the day.

National Chief Cindy Woodhouse Nepinak noted that the act contains protections and that First Nations should decide how to proceed, according to CP.

Sources: Prime Minister’s Office, October 26 post-meeting release; The Canadian Press via CityNews, October 26; AFN meeting information.

Editorial illustration of the October 25–26 Ottawa meeting agenda and calendar; it does not depict the ceremony or participants.