EDMONTON, AB – Today, Wildrose Shadow Finance Minister Derek Fildebrandt called on the NDP government to stop ignoring Alberta’s exploding debt after Moody’s Investors Service warned of a possible credit downgrade.
Moody’s July report said the rapid pace at which the province is acquiring debt could affect its triple-A credit rating.
“The NDP is accelerating borrowing billions of dollars with no repayment plan in place or any plan to reduce spending across government,” Fildebrandt said. “Like in Manitoba and Ontario, the government is setting us on a collision course with a credit downgrade unless meaningful action is taken. The NDP needs a debt strategy to stave off financial disaster.”
During the election, Wildrose put forward a plan to end debt financing and balance the budget within three years.
Fildebrandt said the credit rating news is made more concerning by the fact Finance Minister Joe Ceci recently authorized borrowing another $6 billion behind closed doors.
“Borrowing this amount of money without the support of the legislature is irresponsible,” Fildbrandt said. “Minister Ceci is taking Alberta deep in the red with no exit plan or details on what he intends to do. Albertans have more pride than to become just another have-not province reliant on debt and deficit spending to pay its bills.”