Financial Accountability Office to report on Ontario’s credit rating
The report will look at the rating since the start of the COVID-19 pandemic
TORONTO — Ontario’s fiscal watchdog will release a report on Aug. 25 on the province’s credit rating.
The report from the Financial Accountability Office will look at the rating since the start of the COVID-19 pandemic.
Earlier this month, the province announced that its deficit projection had nearly doubled in three months because of the outbreak.
Finance Minister Rod Phillips said the deficit would be $38.5 billion, up from the $20.5 billion projected in March.
He said Ontario boosted its spending by billions of dollars to support the health-care sector and help businesses and residents cope with the pandemic.
Premier Doug Ford has said COVID-19 will also scuttle the government’s previous plans to balance the budget by 2023-2024.