The Honourable Jim Flaherty, Minister of Finance, today confirmed that the Government of Canada has increased the maximum amounts that may be borrowed by the Governments of the Northwest Territories, Yukon and Nunavut.
“These increases are sustainable and reflect the increased financial resources available to the territories to manage their obligations going forward,” said Minister Flaherty.
The Honourable Leona Aglukkaq, Minister of the Canadian Northern Economic Development Agency, added “this increased authority to borrow will support the ability of the territorial governments to make important investments in the future.”
The maximum amount that may be borrowed by the Government of the Northwest Territories has been increased to $800 million; the limits for the Governments of Yukon and Nunavut have been increased to $400 million.
As required under federal legislation, these increases were approved by the Governor in Council.