The Manitoba government introduced a proposed law Thursday that would excuse it from making any payments on its debt until 2012.
The province's debt is projected to rise by $700 million this year to $11.8 billion, or $9,717 per Manitoban.
Existing legislation requires the government to pay a little more than $110 million per year towards that debt. However, when the government introduced its 2009-10 budget a few weeks ago, it included only a $20 million debt payment and the promise that the government would amend its own law so that it could make lower payments.
The government introduced those proposed changes Thursday, and much to the dismay of the opposition Tories, the changes allow the government to make no debt payments at all for the next three years.
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