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Debt-laden Canadian province of Ontario to unveil budget March 25

OTTAWA (Reuters) - The Canadian province of Ontario, one of the world’s largest sub-sovereign debtors, will unveil its annual budget on March 25, finance minister Rod Phillips said on Wednesday.

“In our 2020 budget, we will continue on our path to balance the books by 2023/24,” he said in a statement.

In January, Ontario’s Progressive Conservative government forecast a deficit of C$9.0 billion ($6.7 billion) for the 2019/20 fiscal year and said the net debt-to-GDP ratio would be 39.9%.

Current total debt for the 2019/20 fiscal year is estimated to be almost C$354 billion, according to provincial statistics.

Reporting by David Ljunggren; Editing by Chizu Nomiyama

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