Interest payments on the federal debt are expected to equal $20.2 billion in 2020/21.
By 2023/24, debt interest will consume 6.6 per cent of all provincial revenues.
According to budget forecasts, debt interest payments will reach $3.3 billion by 2023/24.
The federal government has seemingly ditched the debt-averse approach that largely prevailed in Ottawa since the mid-1980s.
The province faces a projected $779 million budget deficit for 2020.
Ontario will spend an estimated $13 billion on government debt interest costs in 2020/21.
A one percentage point increase in the effective interest rate would increase Ottawa's annual debt interest costs by $13.8 billion.
The update projects a $21.3 billion provincial budget deficit in 2020/21.