Thank you, Mr. Speaker. BDIC loan payments to businesses are not being processed right now, but the interest rates are being charged on principal loans, therefore accumulating compound interest charges. Payments are being deferred for all BDIC business loans until April 1st, 2021. Can the Minister tell us if she believes the Government of the Northwest Territories should extend this time frame by six months or more and consider eliminating all interest being charged to BDIC loans during this pandemic? Thank you, Mr. Speaker.
Minister of Industry, Tourism and Investment.
Thank you, Mr. Speaker. The BDIC is right now in the midst of a strategic planning process. They are halfway through. They've had their first meeting just before Christmas and are having a second one shortly. I know that their board is made up of business owners and business persons from across the Northwest Territories. I am sure they are looking at this. I have had conversations with their CEO who also assures me that this is something that is under consideration, whether or not to defer their loan payments further or how long to do so.
As to the interest rates or forgiveness of debts expressly, Mr. Speaker, they do not have the legislative authority to do that. Only FNB can be forgiving loans, but really at this point, my understanding is that businesses are continuing to communicate with BDIC. They are happy with the work that is being done there to support them and that that work is going to be ongoing. I expect more to come, Mr. Speaker, well in advance of April 1st. Thank you.
Most of the financial aid to date given to the business community has come from the federal government. Can the Minister provide us with an exact amount that the Government of the Northwest Territories has contributed to the business community in relation to the pandemic aid?
This actually involves more than just one department. The funding to airlines alone has been into the $20 million range on behalf of the GNWT. As well, of course, there are a variety of other programs. There are projections of what we expect to spend, and then, there are also actuals. I want to commit to getting a more specific number back to the Member because, even as I'm sitting here, I imagine it comes as no surprise departments quickly try their best to do the math as I'm sitting and waiting for an answer to come in.
The simple fact is, we are into the millions of dollars in different programs. There's been money that's been spent in the tourism industry on GRIT. There's money that's now going to small businesses in terms of bookkeeping. There's money that is going out under Finance. Again, as I've said, to the airline industry. There is a variety of these different pots going, and some of them have the pots to which they are expecting to spend the full amount. Some haven't spent their full amount yet. I will certainly get a final number, but I do want to say that there are lot of pots of money. There are a lot of things happening, and yes, we are using resources of the federal government. That's the responsible way to do this is to fill the gaps that aren't filled by the federal government and to help support and enhance their programs.
More clarity on some of that second question would be great. I know that we have been using federal funds and nothing from the Northwest Territories' government funds. The NWT has a very small business community that is reliant on government economic activity to be sustained. Can the Minister tell us if she thinks, as Minister of ITI and Finance, if there should be a balanced public and private sector economy in the Northwest Territories?
My own opinions on the matter really are not the answer. We conducted the budget dialogues this summer to have that kind of conversation with the residents of the Northwest Territories. As ITI Minister, I have an opportunity to speak with business representatives from across different organizations as groups, as well as directly with members of the business community. We are a small economy, and it's not new that we remain an economy that is not particularly diversified. It is one that does have a large public sector reliance. I don't expect that to necessarily change in the near future, but yes, of course.
The simple answer is to say yes, it needs to be balanced. Supports need to be balanced and our efforts to grow our economy and diversify need to be balanced. There will continue to be anchor industries, just as there will be anchor industries in each community. It certainly is the intention of, I think, this government and the budget that's here today, to continue to support all of those things so that we can have growth in individual industries in smaller regions, as well as in the anchor industries, such as mining and the mineral resources sector, while also providing stability through the public service.
Thank you, Minister. Final supplementary. Member for Thebacha.
Thank you, Mr. Speaker. This Minister is responsible for both ITI and Finance. Can the Minister tell us if she would consider providing a one-time direct financial aid package to all small- and medium-sized businesses that are majority-owned by residents who reside in the NWT? Thank you, Mr. Speaker.
These are really the kinds of questions that need to be asked, as we are right now engaging, as the Premier described yesterday, in putting together a COVID relief plan. These are exactly the kinds of questions to be asked. I am happy to answer them. That said, some of the materials put out today in conjunction with the budget recognize and reflect that the recovery already has been uneven. Some sectors and industries have recovered, and some sectors and industries simply have not experienced the impacts to the same degree as others. We want to be able to leverage the resources that we have, including those of the federal government, so that all sectors of the economy can continue to recover if they need to, all sectors can grow, and that means really a more nuanced response.
We have had already significant impacts on the airline industry and significant funding to the airline industry. Tourism has seen particular impacts and has also seen some specific funds directed in that regard. There is already the Northern Business Relief Fund, which helps with fixed costs. That is largely a CanNor fund, and it is one that seems to be working. Really, Mr. Speaker, what we need to do now is find where those gaps are so that everyone can continue to benefit from recovery and relief in a more even way and that growth continues to happen in an even way. Thank you, Mr. Speaker.
Thank you, Minister. Oral questions. Member for Monfwi.
