Nova Scotia’s debt is at an all-time high of $14.8 billion, according to the province’s latest financial statements released Thursday.
Finance Minister Diana Whelan says it won’t be easy to climb out of the hole.
“It signals that we still have a lot of work to do,” said Whelan, “and whenever you hit another key point, another billion dollars, that’s a big concern.”
The province’s deficit for the past fiscal year was just shy of $680 million, despite the previous government’s prediction of a surplus.
Whelan said despite the discouraging numbers, there are reasons to be optimistic.
“We only need to look at Barrington Street and see the structure rising around the shipbuilding project … We’ve got the Nova Centre under construction … There’s quite a number of big projects that I would expect to have a positive impact in the future,” she said.
Whelan said the government plans to cut the deficit over the next few years.
A balanced budget should come just in time for the next election, scheduled for 2017.