Trudeau to Raise Canada Debt Ceiling 57% to $1.4 Trillion
- Finance minister plans debut in green bond market next year
- Government to bolster bill issues, cut bond sales for 2020-21
Canada plans to join other Group of Seven countries including Germany and the U.K in selling green bonds.
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Canada plans to increase its mid-term debt ceiling by 57% as it embarks on record borrowing to fight the Covid-19 pandemic.
Prime Minister Justin Trudeau’s government will put forward a bill to raise the maximum borrowing level to C$1.83 trillion ($1.41 trillion), up from a current limit of C$1.17 trillion, the government said in budget documents released Monday. The new amount is expected to cover projected borrowings until the end of the fiscal year 2023-24.