The province's spending is projected to increase by $542 million.
newfoundland & labrador economy
While the regulatory change is welcome news, significant reforms are still required to restore investor confidence.
In the last 37 fiscal years, the province has only posted seven budget surpluses.
This year’s deficit is projected at $1.8 billion, equivalent to 6.2 per cent of the provincial economy.
The province is facing a nearly $2 billion projected operating deficit.