Government of Canada Helps Newfoundland and Labrador Through Hard Times
May 25, 2016 – Ottawa, Ontario – Department of Finance Canada
Canada is a strong country characterized by hard work and a strong sense of community. Helping our neighbours get back on their feet is just one example of how Canadians take care of each other.
The province of Newfoundland and Labrador is currently facing considerable economic challenges as a result of the significant, sustained decline in global oil prices. The Government of Canada is helping residents through these challenges by deferring provincial loan payments on the federal Repayable Floor Loan of $266,668,300, until April 1, 2022.
This deferral will build on assistance that the Government of Canada is providing to support the province through the current period of extraordinary challenges. This support includes an advance fiscal stabilization payment of $31.7 million to Newfoundland and Labrador in 2015–16. It also includes the designation of the Employment Insurance (EI) economic region of Newfoundland and Labrador as an eligible region for extended EI regular benefits of 5 weeks for all eligible claimants, and up to an additional 20 weeks for long-tenured workers. These are significant actions that will directly help middle class families and those families working hard to join the middle class.
“Canadians expect their governments to work together to help them through hard times. Collaboration and partnership are key to our plan to grow the economy and ensure a strong, thriving middle class. By strengthening this partnership, today’s action will not just support a stronger Newfoundland and Labrador, but a stronger future for Canada.”
- Bill Morneau, Minister of Finance
“On behalf of the people of Newfoundland and Labrador, I am grateful to our Federal Government, in particular the Prime Minister and Minister Morneau for the decision today which will benefit our province during this difficult period. Sitting here together today demonstrates to the people of our province the true partnership and cooperative relationship we enjoy with the Federal Government at this time.”
- The Honourable Dwight Ball, Premier of Newfoundland and Labrador
“We are committed to working with all levels of government, and with Canadians, not only to address our economic and fiscal challenges now, but to ensure long-term economic growth that benefits us -- everyone. This announcement today is an example of how our government is committed to improving the quality of life for people in Newfoundland and Labrador because it will contribute to the long-term economic prosperity of the province.”
- Judy Foote, MP for Bonavista–Burin–Trinity (Newfoundland and Labrador)
Office of the Minister of Finance
Department of Finance Canada