December 3, 2018 / 5:36 PM / 10 days ago

Quebec projects C$1.7 billion surplus, accelerates debt repayment in 2018-2019

QUEBEC CITY, Dec 3 (Reuters) - Quebec’s new center-right government is projecting a C$1.7 billion ($1.3 billion) surplus in 2018-19 on higher revenues, compared with a balanced budget expected by the previous Liberal government in March, a fiscal update on Monday showed.

The Coalition Avenir Quebec government said it would also spend C$10 billion over two years to pay down the Canadian province’s debt, instead of over five years under the previous government.

The CAQ said it would reduce gross debt from 48.2 percent of GDP in 2018 to 45 percent of GDP by 2021, compared with the former Liberal government’s projection by 2023.

$1 = 1.3190 Canadian dollars Reporting by Allison Lampert; Editing by Richard Chang

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