News Release Article from  Finance Canada

Harper Government Increases Borrowing Authority of Territorial Governments

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Ottawa, March 15, 2012
2012-028

The Honourable Jim Flaherty, Minister of Finance, today confirmed that the Government of Canada has increased the maximum amounts that may be borrowed by the Governments of the Northwest Territories, Yukon and Nunavut.

“These increases are sustainable and reflect the increased financial resources available to the territories to manage their obligations going forward,” said Minister Flaherty.

The Honourable Leona Aglukkaq, Minister of the Canadian Northern Economic Development Agency, added “this increased authority to borrow will support the ability of the territorial governments to make important investments in the future.”

The maximum amount that may be borrowed by the Government of the Northwest Territories has been increased to $800 million; the limits for the Governments of Yukon and Nunavut have been increased to $400 million.

As required under federal legislation, these increases were approved by the Governor in Council.  

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

To receive e-mail notification of all news releases, please register.

Date Modified: