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Ottawa, December 10, 2002
2002-103

Minister of Finance Tables Debt Management Report for 2001-02

Related document:

• Debt Management Report for 2001-02.

John Manley, Deputy Prime Minister and Minister of Finance, tabled today in the House of Commons and the Senate the Debt Management Report of the Government of Canada for fiscal year 2001-02.

As noted in the report, the federal government’s net public debt was reduced to $536.5 billion in 2001-02, which includes a $5.8-billion reduction in interest-bearing debt, a $3-billion decline in other liabilities and a $0.1-billion increase in assets. In the last five years the federal government has reduced its net debt by almost $47 billion.

The net public debt now stands at just over 49 per cent of gross domestic product, compared to almost 71 per cent in 1995-96. This debt reduction is saving the Government $3 billion each year in interest payments, providing greater financial security for Canadians, which is particularly important in the current economic environment.

The Debt Management Report provides Canadians with comprehensive information on the federal government’s debt strategy and the related borrowing and cash management operations in 2001-02. The principal strategic objectives over the last fiscal year were maintaining a liquid and well-functioning Government of Canada securities market in a declining debt environment, and preserving a prudent financial position and operational framework.

The Debt Management Report may be viewed free of charge on the Department of Finance Web site at the address shown below. Printed copies cost $10.70 and may be ordered by calling the Department’s Distribution Centre at (613) 995-2855.

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