March 28, 2018 / 8:29 PM / a year ago

Ontario to run deficits for six years as pre-election spending rises

TORONTO, March 28 (Reuters) - Ontario said on Wednesday it would boost spending on healthcare and child care in a pre-election budget that sees the Canadian province make a swift return to running deficits and projects a long road back to balance.

The Liberal party government of Canada’s most populous province said it would run a C$6.7 billion ($5.2 billion) deficit in the fiscal year 2018-19.

It forecast further deficits of C$6.6 billion and C$6.5 billion respectively in the two subsequent years and a return to balance in 2024-25.

The projections include a C$700 million reserve each year, meaning the province could run smaller deficits if not used. (Reporting by Fergal Smith; Editing by Sandra Maler)

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