Government of Canada announces increase to Yukon’s borrowing limit
“By increasing the Government of Yukon’s borrowing limit we are ensuring it has options to access financing and the ability to carry out the strategic investments needed to meet the needs of its people in the near future.
- Bill Morneau, Minister of Finance
“To enhance green energy production and reduce our reliance on fossil fuels, Yukon needs to make large infrastructure investments. Increasing our ability to access funding and financing is key to moving forward on these initiatives and opens the door to other infrastructure projects that may be necessary in the coming years.”
- Sandy Silver, Premier Government of Yukon
“This increased access to funding is an important step towards a stronger future for the Yukon. These federal actions give our territory the room we need to grow our economy and invest in a cleaner, better future.”
- Larry Bagnell, Member of Parliament for Yukon
Under the Yukon Act, the Government of Yukon may borrow up to a limit set by the Governor in Council on the recommendation of the Minister of Finance. This 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 Yukon was set at $400 million on March 8, 2012, through Order in Council P.C. 2012-0280.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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