Government says Newfoundland and Labrador is no longer in a financial crisis, but the situation is unstable.
When the Liberals took over almost two years ago, it said the province was in financial crisis. It promptly brought in a program to increase revenue by imposing massive increases in taxes and fees, some of which have since been reduced.
Minister Osborne says things are improving.
He says we’re out of the crisis area, but government still has work to do to reduce the deficit further.
When the Liberals took over, government was spending $2.34-million a day just to service the debt. That has been reduced significantly.
It’s now about $2-million a day, which the minister says is still unsustainable.