News Release

October 19, 2000
Edmonton, Alberta

"Our commitment to paying down the debt is a commitment to all Albertans and will provide this province with new options with savings in debt servicing costs."

Provincial Treasurer Steve West

Province makes multi-million dollar debt payment

Alberta made a $300 million US payment today as part of the government’s plan to eliminate its remaining accumulated debt, Provincial Treasurer Steve West announced.

The money is part of the $4.5 billion debt payment package unveiled in the 1^st Quarter Fiscal Update in August. Once all of the money has been allocated to the remaining accumulated debt, Alberta will be left owing $8 billion, down from $22.7 billion in 1993-94.

"Debt payment is critical for Albertans," said West. "Each time we reduce our accumulated debt it frees up the money we use for interest and debt servicing for Albertans’ priorities."

He said this year’s debt allocation will bring interest savings to $1 billion since 1994-95.

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