N.L. budget expected today strives to find balance between debt and needs: Minister
BNN Bloomberg
The Newfoundland and Labrador government is set to deliver a budget today, after projecting a $595-million deficit and a $16.7-billion net debt for the 2021-22 fiscal year.
The Newfoundland and Labrador government is set to deliver a budget today, after projecting a $595-million deficit and a $16.7-billion net debt for the 2021-22 fiscal year.
Finance Minister Siobhan Coady told reporters earlier this week the budget for the 2022-23 fiscal year seeks to strike a balance between priorities like health care and the rising cost of living, and the province's staggering debt.
Coady warned that residents should not expect soaring revenues from skyrocketing oil prices driven by the ongoing war in Ukraine and international vows to stop using Russian oil and gas.
She says though prices are high, production is down and is expected to drop even lower next year.
The budget comes a day after the federal environment minister approved a massive new oilfield off the coast of St. John's.
Equinor says its Bay du Nord development will produce at least 300 million barrels of oil and put about $3.5 billion into provincial coffers over the project's lifespan.
