B.C. Premier Gordon Campbell talked to reporters Monday as he arrived for a meeting of the Council of the Federation to discuss economic matters. (Paul Chiasson/Canadian Press)

The B.C. government will announce steps to counter the impact of worldwide economic meltdowns on the province's economy.

Premier Gordon Campbell said Monday he will release a special economic statement at 6 p.m. PT Wednesday. Discussions are under way to determine whether the announcement will be broadcast live across local TV stations.

"British Columbians deserve to know both the strengths of our economy and the things that are going to actually cause some challenges for our economy," Campbell said following a meeting of the Council of the Federation in Montreal attended by provincial and territorial leaders.

"I'd like to have the opportunity to lay out for them some of the steps. I think there are steps we can take that will get us through this difficult time and get us onto even better times in the future," he said.

Campbell rejected the idea of deficit financing in the provincial budget, but didn't offer further details on what his economic statement will contain.

During Monday's Council of the Federation meeting, the provincial and territorial leaders agreed to take several actions that aim to support employment, economic activity, and increased productivity in Canada.

They agreed on maintaining a prudent approach to managing public finances and eliminating trade barriers between provinces and territories, according to a joint statement issued after the meeting.

They also urged the federal government to inject money into infrastructure and skills development to ensure the country emerges from global economic turmoil on steady feet.