The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Deputy Premier and Minister of Finance:

Speaker, this province has a strategic plan for financial improvement which ensures prudent fiscal governance and responsible debt management. The objective is to balance budgets, transform and modernize government, and manage and lower debt.

Under debt management, our focus is on optimizing sinking fund performance, enhancing the province’s liquidity position and improving treasury management.

Just two weeks ago I joined the Premier at the London Stock Exchange to officially launch the province’s European borrowing program. Newfoundland and Labrador now has the option to issue bonds in the European capital market, in addition to its existing domestic Canadian market, to meet its borrowing requirements.

Diversifying the province’s investor base and broadening the reach to international markets provides an opportunity to continue to lower borrowing costs. This is part of our commitment to improve treasury management.

The province has also developed a Future Fund, taking a portion of nonrenewable resource revenues and investing it for debt repayment and future opportunities. In this fiscal year, we are contributing $157 million to this fund.

Speaker, the plan is working.

In two days I will deliver my fourth budget as Minister of Finance, and I look forward to further sharing how we are responsibly managing the province’s finances while continuing to invest strategically.

Thank you.