Making Choices - The 1998 Pre-Budget Public Consultation
Our Debt and Credit Rating
Since Confederation our total public sector debt has grown to about $6.3 billion. Adding the amount needed to fully fund our public sector pension plans increases the total debt to over $9 billion, around $16,500 for every adult and child in the Province. Interest and other costs of this debt are over $500 million a year, money that could otherwise be directed to improve public services or lower taxes.
We must continue to effectively manage our financial affairs and control our deficit to protect our credit rating. If our credit rating, the lowest overall rating of any Province, slips below the current level, it will be much more difficult and costly for us to borrow money and to finance the existing debt.
