The minister of finance says he is not going to sugarcoat the economic situation, and that the Quebec-Newfoundland and Labrador hydro agreement unto its own will not solve our problems.

Pardy made the comments during the closing remarks by members of the House of Assembly on the final day of debate on the latest agreement with Quebec on Churchill Falls.

The province is about $20-billion in debt, but will get about half of that in revenue by 2041. In addition, Electricity rates will be cut by 15 per cent if the deal goes through.

Minister Craig Pardy says the agreement is not a windfall that that solves all of its problems, but it reduces our need to borrow.

“Increased revenue is debt you never issue. And debt you never issue is interest this province never pays. That is the quietest benefit of this agreement, and it may also be the most durable one.”