Canada finance minister resigns, natural resources minister set to take over

James 'Jim' Flaherty, Canada's finance minister, speaking during a press conference, February 11, 2014.
Cole Burston | Bloomberg | Getty Images

Canada's Natural Resources Minister Joe Oliver, the Conservative government's point man on the Keystone XL pipeline, will be appointed the new finance minister, the Canadian Broadcasting Corp reported on Tuesday.

Finance Minister Jim Flaherty resigned on Tuesday and his replacement will be announced on Wednesday. CBC did not cite any sources in its report and Prime Minister Stephen Harper's chief spokesman Jason MacDonald would not comment.

In his current role, Oliver has been the Conservative government's main proponent of TransCanada Corp's Keystone XL pipeline to the United States.

Flaherty announced Tuesday that he is resigning from politics, effective immediately, and will be returning to the private sector.

"Yesterday, I informed the Prime Minister that I am resigning from Cabinet. This was a decision I made with my family earlier this year, as I will be returning to the private sector," Flaherty said in a written statement.

Flaherty said the decision was not related to his health. He announced last year he suffers from a rare skin disease.

—By Reuters