Newfoundland and Labrador budget projects $1.84-billion deficit

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The Newfoundland and Labrador government says the smaller deficit projection for the current fiscal year comes from unexpected pandemic help from the federal government and an improvement in oil prices

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The Newfoundland and Labrador government is projecting an $1.84-billion deficit – a $309-million improvement from what it had forecast in July.The government says the smaller deficit projection for the current fiscal year comes from unexpected pandemic help from the federal government and an improvement in oil prices.Even so, the province anticipates a $430-million drop in oil royalties compared with the 2019-2020 budget.

 

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