{"id":133680,"date":"2021-07-28T19:45:01","date_gmt":"2021-07-28T19:45:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133680"},"modified":"2021-07-28T19:45:01","modified_gmt":"2021-07-28T19:45:01","slug":"canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/","title":{"rendered":"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland"},"content":{"rendered":"

OTTAWA (Reuters) – Canada will offer up to C$5.2 billion ($4.1 billion) to debt-ridden Newfoundland and Labrador to help it complete a problem-plagued hydroelectric power plant and also ease the Atlantic province\u2019s fiscal plight, Prime Minister Justin Trudeau said on Wednesday.<\/p>

Canada’s Prime Minister Justin Trudeau speaks during a news conference at the daycare inside Carrefour de l’Isle-Saint-Jean school in Charlottetown, Prince Edward Island, Canada, July 27, 2021. REUTERS\/John Morris<\/figcaption>

The government agreed in principle to invest C$1 billion and provide a C$1 billion loan guarantee for the construction of the Muskrat Falls project, which has suffered from big cost overruns since it was announced in 2010, he said at a televised event in St. John\u2019s, the provincial capital.<\/p>\n

\u201cThere is more work to be done but we\u2019re confident this agreement is a big step in the right direction,\u201d Trudeau said.<\/p>\n

He also said Ottawa was prepared to offer a total of C$3.2 billion in annual financial transfers over the remaining lifetime of the province\u2019s Hibernia offshore oil project.<\/p>\n

The money is equivalent to the federal revenues Ottawa has gathered to date from Hibernia, which the province says should continue operating until 2047.<\/p>\n

Aides have said Trudeau plans to launch a snap election next month. His Liberals hold six of the province\u2019s seven seats.<\/p>\n

The Muskrat Falls project represents a large portion of the remote and sparsely populated Atlantic province\u2019s overall debt.<\/p>\n

Premier Andrew Furey said that without the C$2 billion aid package, electricity rates could have doubled.<\/p>\n

\u201c(This) is a big day for Newfoundland and Labrador and will finally get the Muskrat off our back,\u201d he told the event.<\/p>\n

Last December Ottawa temporarily waived a C$844 million debt payment on the project.<\/p>\n

In May, RBC Economics projected Newfoundland\u2019s net debt as a share of gross domestic product in fiscal 2021-22 would dip to 47.0%, second only to Ontario, from 51.8% in 2020-21.<\/p>\n

($1=1.2552 Canadian dollars)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

OTTAWA (Reuters) – Canada will offer up<\/p>\n","protected":false},"author":3,"featured_media":133679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nCanada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"OTTAWA (Reuters) – Canada will offer up\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-28T19:45:01+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Canada-to-offer-up-to-C5.2-billion-to-debt-ridden-province-of-Newfoundland.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/\",\"name\":\"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-07-28T19:45:01+00:00\",\"dateModified\":\"2021-07-28T19:45:01+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/","og_locale":"en_US","og_type":"article","og_title":"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News","og_description":"OTTAWA (Reuters) – Canada will offer up","og_url":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/","og_site_name":"Pre Coin News","article_published_time":"2021-07-28T19:45:01+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/Canada-to-offer-up-to-C5.2-billion-to-debt-ridden-province-of-Newfoundland.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/","url":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/","name":"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-07-28T19:45:01+00:00","dateModified":"2021-07-28T19:45:01+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/canada-to-offer-up-to-c5-2-billion-to-debt-ridden-province-of-newfoundland\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Canada to offer up to C$5.2 billion to debt-ridden province of Newfoundland"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/133680"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=133680"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/133680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/133679"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=133680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=133680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=133680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}