April 14, 2024

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Canada’s Quebec forecasts file C$14.9 billion deficit in fiscal 2020-21 owing to COVID-19 By Reuters

© Reuters. Quebec Finance Minister Eric Girard speaks during a news conference following a meeting in Ottawa
© Reuters. Quebec Finance Minister Eric Girard speaks all through a information convention following a assembly in Ottawa

MONTREAL (Reuters) – Canada’s Quebec will put up a history C$14.9 billion ($11 billion)deficit through fiscal 2020-2021, as the province spent extra to combat the coronavirus pandemic and though going through a 9% reduce in very own-supply revenues, Finance Minister Eric Girard mentioned on Friday.

Quebec, the country’s hardest strike province by the pandemic, spent additional than C$6.6 billion on economical assistance to mitigate the effect of coronavirus and expects an estimated reduce of C$8.5 billion in have-source revenues all through fiscal 2020-2021.

The fiscal yr runs from April to March.

Quebec’s true GDP is projected to agreement by 6.5% in calendar 2020, as opposed with the March budget, which banked on progress of 2%.

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