November 1, 2016 / 7:32 PM / a year ago

Canada to increase infrastructure spending as growth lags

OTTAWA, Nov 1 (Reuters) - Canada will ramp up its spending on infrastructure projects by an extra C$81 billion ($60.49 billion) over the next 12 years in a bid to revitalize an economy struggling with sub-par growth, Finance Minister Bill Morneau said on Tuesday.

The extra money means Canada’s Liberal government - trying to deal with a prolonged oil slump that has slashed revenues - is committed to pouring a total of C$187 billion into infrastructure between now and 2027/28. In March, it had promised to spend C$120 billion over the next decade.

$1 = 1.3391 Canadian dollars Reporting by David Ljunggren; With additional reporting by Jeffrey Hodgson; Editing by Paul Simao

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