Alta. slashes debt with oil cash
EDMONTON, Alta. – Alberta’s finance minister Steve West says his province is poised to cut its accumulated debt by $5.6 billion thanks to the booming oil-and -gas industry.
In his third-quarter budget update, West announced the surplus is now estimated at a colossal $7.3 billion, up from the March estimates of only $713 million. The payment against the debt represents about half of Alberta’s total accumulated debt.
Alberta’s Conservative government, under Ralph Klein, is expected to announce a snap provincial election, to be held sometime in March. n
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