The federal government needs to pay the interest on the Muskrat Falls loan. That’s the contention of St. John’s businessman, Bob Hallett who sits on the board of the Schroeder Policy Institute.
The Institute has been urging voters to ask the right questions of federal candidates when it comes to the province’s debt load.
Hallett told VOCM Morning Show co-host Gerri Lynn Mackey that Newfoundland and Labrador has suffered as a result of the “horribly lopsided” Upper Churchill contract.
He says some estimates show that between $250- to $300-billion have flown to Quebec while Newfoundland and Labrador has received “nothing.” He says the Upper Churchill was a huge historical wrong and the “mistake” that is Muskrat Falls might not have happened had the Upper Churchill deal been fairer for our province.
Hallett says the federal government owes Newfoundland and Labrador a break.
He says Ottawa should pay the interest on the $8-billion federally-guaranteed Muskrat Falls loan because Newfoundland and Labrador can’t. He also asks that NL receive .3 cents per kWh for the hydro that’s flowing to Quebec, Hollett says those two numbers combined should give Newfoundland and Labrador a “fighting chance” of staying out of insolvency.