Canadian province Manitoba cuts deficit forecast to C$2.9 billion

imageCommodities7 hours ago (Jun 30, 2020 04:15PM ET)

WINNIPEG, Manitoba (Reuters) – The Canadian province of Manitoba forecast on Tuesday a fiscal year deficit of C$2.9 billion ($2.13 billion), down from an earlier estimate of C$5 billion, as the spread of coronavirus infections remains low.

The 2020-21 deficit could still reach C$5 billion if the economic downturn is prolonged or infections accelerate, Premier Brian Pallister said.

Manitoba, whose economy is based on manufacturing, farming and mining, has had low daily case counts of coronavirus infections compared with most provinces. Much of the province of 1.4 million people is sparsely populated outside of its capital Winnipeg, which accounts for about half the population.

Its economy has largely reopened after lockdowns.

“What’s changed is Manitobans have responded arguably better than citizens anywhere else in the world,” Pallister said, referring to public safety measures. “We’ve earned the right to be optimistic now.”

The province has 18 active coronavirus cases.

Pallister said he would not consider raising the provincial sales tax to narrow the deficit.

Canadian province Manitoba cuts deficit forecast to C$2.9 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.