She said the territory is asking the federal government for financial help due to emergency responses and health care expenses. (Julie Plourde/Radio-Canada - image credit)The Northwest Territories finance minister described the territory's financial situation as dire and says the government is in the process of asking the federal government for more money. "Requesting a borrowing limit increase is necessary to ensure we have the capacity to respond to expenditure shocks that have become more frequent," Wawzonek said. The debt cap is a borrowing limit on Canada's territories imposed by the federal government, and it's not the first time the N.W.T. 's current cap is set at $1.8 billion, up from $1.3 billion at the start of 2020.

Source: CBC News October 18, 2024 19:01 UTC