ST. JOHN’S, N.L. – The Newfoundland and Labrador government is projecting an $1.84-billion deficit for the current fiscal year – a $309-million improvement from what it had forecast in July.
Provincial net debt is expected to reach $16.4 billion, or about $31,000 per person in the province.
The government says the smaller deficit projection for the 2020-21 fiscal year comes from unexpected pandemic help from the federal government and an improvement in oil prices.
Even so, the province anticipates a $430-million drop in oil royalties compared with the 2019-2020 budget.
Finance Minister Siobhan Coady said the 2020-2021 budget is a “hold-the-line” budget as the province navigates a global pandemic.
The budget was delivered Wednesday, halfway through the year, because of delays associated with the COVID-19 pandemic.
This report by The Canadian Press was first published Sept. 30, 2020.
Source: Read Full Article