Thank you, Mr. Speaker. I would like to ask the Minister of Finance questions on my Member’s statement on our Member of Parliament’s private member’s bill, C-530. What is our government’s position on this current legislation that is before the House of Commons? Thank you.
Thank you, Mr. Menicoche. The honourable Minister responsible for Finance, Mr. Miltenberger.
Thank you, Mr. Speaker. Our government has a clear position on the borrowing limit and as with the Member of Parliament, we both think there’s a need to have our borrowing limit adjusted. We are working on a government-to-government basis with the federal government to in fact engage and conclude that process hopefully by April. At the same time, the Member of Parliament has a private member’s bill that is now before the House of Parliament raising the same issue, but we are continuing to focus our attention on trying to conclude our arrangements and discussions with the federal government. Thank you.
Thank you. I’d just like to ask the Minister maybe if he can explain that to the public that’s out there. What exactly composes our current debt limit? I think it was about almost $500 million right now. Thank you.
Thank you. Our current borrowing limit is a specific number. It’s $575 million. The $575 million is good for another four years after which it will revert at this point back down to $500 million. Of that money, about $350 million is what we call self-financing debt, which is debt of the Housing Corporation, Power Corporation and the bridge when it comes on-line. It will be paying a majority of its own way as well. Thank you.
Thank you very much. Should this bill pass, what would be the benefits to our Territory as a whole? Thank you.
Thank you. As we fully intend to conclude the discussions with the federal government hopefully by next month, that’s the target date that both our government and the federal government have agreed to. Similar with intent to the private member’s bill, it would see a revised borrowing limit that will reflect the fact that we are a mature and responsible government, and we are now on the path of devolution with the agreement-in-principle and that we need the flexibility in our borrowing limit to be able to manage our affairs more effectively. Thank you.
Thank you, Mr. Miltenberger. Your final supplementary, Mr. Menicoche.
Thank you very much, Mr. Speaker. This bill will also be long term. I would presume it would necessarily cancel out our previous agreement with the federal government of a borrowing limit. Thank you.
Thank you. The route for a private member’s bill is fraught with many challenges and hurdles to clear. It has made some fairly good progress. It’s now before a committee after second reading. If, for example, a federal election comes, then the bill will die on the Order Paper. In the meantime, I think we want to keep our attention firmly fixed on the work that we’re doing with the federal government in terms of trying to resolve the borrowing limit. Thank you.
Thank you, Mr. Miltenberger. The honourable Member for Kam Lake, Mr. Ramsay.
