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MNI: Canada Borrowing Cost Surge Blunts Apr-May Budget Surplus

(MNI) Ottawa
OTTAWA (MNI)

Government has touted savings from locking in long-term financing early in pandemic.

Canada's debt service costs jumped 44% in the first two months of the fiscal year that started in April, taking CAD1.7 billion off the windfall from relaxed Covid restrictions that swung the budget balance to a CAD5.3 billion surplus from a CAD23.8 billion deficit.

Federal government revenue climbed 20% or by CAD12.1 billion in April and May from the prior period in a broad-based gain, the Finance Department's monthly Fiscal Monitor report showed Friday. Program expenses fell 23% or by CAD17.9 billion.

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Canada's debt service costs jumped 44% in the first two months of the fiscal year that started in April, taking CAD1.7 billion off the windfall from relaxed Covid restrictions that swung the budget balance to a CAD5.3 billion surplus from a CAD23.8 billion deficit.

Federal government revenue climbed 20% or by CAD12.1 billion in April and May from the prior period in a broad-based gain, the Finance Department's monthly Fiscal Monitor report showed Friday. Program expenses fell 23% or by CAD17.9 billion.

Keep reading...Show less