Ontario delays March 25 budget, to deliver economic update instead

The downtown skyline and CN Tower are seen past the eastern waterfront area envisioned by Alphabet Inc's Sidewalk Labs as a new technical hub in the Port Lands district of Toronto, Ontario, Canada April 3, 2019. REUTERS/Chris Helgren

TORONTO (Reuters) - Ontario, Canada’s most populous province, will delay its March 25 budget due to the coronavirus outbreak and instead deliver an economic and fiscal update, provincial Finance Minister Rod Phillips said on Monday.

“Private sector economists have revised the economic outlook used to develop the Ontario 2020 budget, scheduled to be released next Wednesday,” Phillips said at a news conference.

“It’s important that I produce a financial plan for the province that’s as current as possible given the dynamic situation. As a result, I will release an economic and fiscal update based on our best understanding of the current situation. This will include a one year outlook based on current projections.”

Reporting by Moira Warburton; Editing by Amran Abocar