The provincial government is looking towards the other side of the COVID-19 pandemic and what measures will need to be taken to ensure that the economy rebounds.
Finance Minister Tom Osborne says the economic impact of the pandemic and oil price collapse will be long-term.
He says provincial finance ministers speak with the federal government on a weekly basis.
Newfoundland and Labrador is still reeling with a billion dollar drop in oil royalties in 2014-2015. Equalization could make the difference, says Osborne.
We haven’t received the same level of cash flow as other provinces, and we need equalization the most according to the Finance Minister.
He says nearby Nova Scotia with a higher population and less geographical area, receives far more than we do.
If we received close to $2-billion in equalization as some other provinces have, “we’d have a significant surplus.”