Newfoundland and Labrador needs a level of fairness when it comes to federal transfer payments.
That’s according to Premier Dwight Ball who, in a letter to Prime Minister Justin Trudeau in March, revealed that the province was on the brink.
The Bank of Canada stepped in, helping the province secure some short-term borrowing to keep things going.
Premier Ball says the province has since been able to secure some long-term borrowing without the support of the Bank of Canada, but he admits that level of borrowing can’t continue.
Call it equalization or fiscal stabilization, the province needs a level of fairness when it comes to federal transfer payments, says the Premier. He says it’s something they were expecting in the federal budget which has been delayed, leaving the province in its current situation.