Prince Edward Island announces COVID-19 has put 2019-20 budget into deficit
Prince Edward Island’s government is going to post a $3.7-million deficit in this year’s budget rather than an anticipated surplus.
Finance Minister Darlene Compton announced late Friday that the 2019-20 deficit is due to the COVID-19 pandemic driving up costs and reducing revenues.
[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]
Compton said prior to the pandemic emerging over the past month, the province had anticipated a $2.5-million surplus.
She told reporters during the briefing that the province expects it’s going to have to borrow more money than anticipated in 2020-21 fiscal year due to the pandemic, though she didn’t name a figure.
“You can basically confirm we will be adding to the province’s debt,” said Compton.
Source: Read Full Article