Premier Andrew Furey says the government launched the borrowing program to expand its financing options and secure better interest rates
The Newfoundland and Labrador government is looking to the European capital market to lower borrowing costs, opening a listing on the London Stock Exchange to find new buyers for the province’s debt – already the highest per capita in Canada.
“We recognize the high cost of borrowing as being incredibly punitive, and we’re taking every measure to try to lower that,” he told reporters, adding, “We’re not here because we need to be here. We’re here because we want to be here, and it’s the right and responsible thing to do.” Newfoundland and Labrador borrowed about $1.7 billion in the current fiscal year, she added, down from the $2.7 billion estimated in the budget. The province says it is expecting its first surplus in more than a decade, thanks largely to higher-than-expected tax revenues. Coady said the increase in provincial revenues helped offset borrowing costs.
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