The flood in resource revenues has prompted the province\u0027s government to announce a massive $13.3\u002Dbillion payment on Alberta\u0027s debt. Read on.
The flood in resource revenues has prompted the province’s United Conservative Party government to announce a massive $13.4-billion payment on Alberta’s debt this year, bringing the total down to $79.8 billion by early next year. Currently, the provincial debt sits at $93.1 billion.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The dramatic reversal in fortune is the result of Alberta’s longstanding vulnerability to oil price volatility. The province is just beginning to claw its way out of a fiscal hole created by years of deficit budgets, compounded by a protracted downturn in the oilpatch and the COVID-19 pandemic. Last year’s fiscal surplus was the province’s first since 2014-15.Article content
Non-renewable resource revenue is forecasted to reach $28.4 billion this year — by far the largest amount the province has ever reported.
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