N.L. finance minister calls projected deficit of $948M 'deeply troubling'
Posted on: Dec 16, 2025 20:47 IST | Posted by: Cbc
newfoundland dog and Labrador Finance government minister Craig Pardy said the province's financial bottom of the inning run along is "deeply troubling," as he delivered his first fiscal update on Tuesday.
The province's projected deficit has ballooned to $948 million — up from the last projection of $626 million given by the previous Liberal government in August.
"There is no sugar-coating, this number is deeply troubling. These structural challenges will take time to fix," Pardy said.
However, he said, there is cause for optimism.
He said Newfoundland and Labrador's economy is projected to lead all provinces with 5.3 per cent economic growth in 2026.
Pardy said the economy will be buoyed by higher oil and mineral production, weaker tariff rates and increased consumer spending.
This is a breaking news update. A previous version of the story is below.
Tuesday's update will be first fiscal update since August, and the first for a new Progressive Conservative government.
On Aug. 18, former Liberal finance minister Siobhan Coady said the province's deficit had reached $626 million — largely driven by steady borrowing and the price of oil trading lower than projected.
But in Premier Tony Wakeham's first state of the province address in November, he hinted that that number is likely lower than the actual deficit.
“I can tell you based on my early briefings, there is reason to believe that even that number doesn't reflect the true depth of our provincial deficit,” Wakeham said on Nov. 25, later telling reporters the province faces "challenges."
Wakeham committed to not making dramatic cuts as a result. However, Wakeham's election platform did not include a plan to address or lower the deficit.
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