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Ottawa, February 16th, 2004
2004-011

Minister of Finance Tables Debt Management Report for 2002-03

Related Document:

• Debt Management Report for 2002-03.

Minister of Finance Ralph Goodale tabled today in the House of Commons and the Senate the Debt Management Report of the Government of Canada for fiscal year 2002–03.

As noted in the report, the federal debt, measured on a full accrual basis of accounting, was reduced to $510.6 billion in 2002–03, which includes a $2.1-billion reduction in interest-bearing debt, a $2.1-billion decline in other liabilities and a $2.8-billion increase in assets. In the last six years the Government of Canada has reduced its debt by more than $52 billion.

The federal debt now stands at 44.2 per cent of gross domestic product, compared to 68.4 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 Government’s debt strategy and the related borrowing, cash and reserves management operations in 2002–03. 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 prudently managing financial risk related to the Government’s treasury operations.

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

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