July 14, 2016
Statement on Behalf of Finance Minister Cameron Friesen to Standard & Poors Provincial Credit Rating and Outlook
"Manitoba’s new government has presented a responsible and achievable plan that will return the province to balance within our second term while protecting the front-line services that Manitobans rely upon.
"While we are disappointed with the credit downgrade released today, our government is committed to improving the challenging fiscal position that our province finds itself in as a result of the over-spending and missed targets witnessed under the previous administration.
"Budget 2016 reduces the core deficit by 12 per cent over the 2015-16 projection and includes targeted and focused initiatives including a value for money review, sustainable health-care review and red-tape reduction measures, all of which will find savings and reduce spending growth while achieving better results for all Manitobans.
"Our government recognizes the importance of credit ratings and the impact that changes to our credit rating and outlook may have on our province’s bottom line.
“Budget 2016 maintains annual spending growth at 2.7 per cent, consistent with the new government’s commitment to control annual spending growth below 3 per cent.
"We intend to meet those targets."
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