.png)
CALGARY, Alberta (Reuters) – The Canadian oil-producing province of Alberta on Thursday estimated its 2021/22 budget deficit will shrink to C$18.2 billion ($14.5 billion), as its economy starts to recover from the damage caused by the coronavirus pandemic. FILE PHOTO: Oil, steam and natural gas pipelines run through the forest at the Cenovus Foster Creek SAGD oil sands operations near Cold Lake, Alberta, July 9, 2012. REUTERS/Todd Korol Alberta’s 2020/21 deficit stood at C$20.2 billion, compared with a C$24.2 billion deficit projected in August, as recovering crude oil prices help the province narrow its deficit. Still, the deficit is larger than the historical trend, reflecting the impact of pandemic spending. Finance minister Travis Toews said Alberta will set aside C$1.25 billion in contingency funding to fight COVID-19. The province also plans to invest nearly C$21 billion over three years in construction projects to create new jobs and support economic recovery. “Budget 2021 will provide funding … to ensure Albertans have a competitive edge, as economies reopen, growth restarts and opportunities reappear,” Toews said in his budget address. Alberta is the centre of Canada’s fossil fuel industry, and oil and gas revenues generate much of the province’s economic activity and […]
CamTrader offers a preview only. View original article. www.reuters.com
