Government of Canada announces increase to the Northwest Territories’ borrowing limit
“We know that this increase to the Northwest Territories’ borrowing limit will ensure it has access to financing options which will support the strategic investments required to meet the needs of its population. Furthermore, this will ensure more options are available as they manage economic pressures linked to the COVID-19 crisis which is affecting all Canadians."
Minister of Finance
“Borrowing has been, and will remain necessary for the Government of the Northwest Territories to make strategic infrastructure investments. With debt levels projected to approach the $1.3 billion mark by 2020-21, this increase to $1.8 billion will give our government much needed flexibility as we explore future investments.”
Minister of Finance, Government of the Northwest Territories
“The strength of the partnership between our federal and territorial governments is ensuring that the Northwest Territories can continue to grow and prosper. With today’s announcement, we will be able to see increased investment in the projects that keep us safe and help us keep building a better future.”
Member of Parliement for Northwest Territories
Under the Northwest Territories Act, the Government of the Northwest Territories may borrow up to a limit set by the Governor in Council on the recommendation of the Minister of Finance. The borrowing limit is inclusive of debts incurred by both the territorial government and the territorial Crown corporations.
The territorial government can borrow for territorial, municipal or local purposes up to the established limit without federal approval.
Reviews of the territorial borrowing limit can take place at any time, and are generally done upon request from a territorial government.
The current limit for the Northwest Territories was set at $1.3 billion on May 28, 2015, through Order in Council P.C. 2015-0644.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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