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COVID-19 pandemic leaves Quebec with $15 billion deficit for 2020-2021 fiscal year

Click to play video 'COVID-19 pandemic leaves Quebec with $15 billion deficit for 2020-2021 fiscal year' COVID-19 pandemic leaves Quebec with $15 billion deficit for 2020-2021 fiscal year
WATCH: Quebec has revealed the state of its public finances as a result of the COVID-19 pandemic on Thursday, and it's a grim portrait. The province was projecting a nearly $3B surplus in March. Now, it's projecting a historic $15 billion deficit. As Raquel Fletcher reports, it will take the government five years before it can return to a balanced budget – Nov 12, 2020

The Quebec government expects the impact of the COVID-19 pandemic will leave it with a $15-billion deficit this fiscal year.

The province will remain in the red in 2021-2022, with a forecast deficit of $8 billion.

Quebec Finance Minister Eric Girard is presenting an economic update this afternoon revealing the extent of the damage COVID-19 has done to the province’s finances.

READ MORE: Quebec adds 1,365 coronavirus cases, 42 additional deaths as hospitalizations rise

Last month, Girard told a legislature committee that the government didn’t plan to table a balanced budget before 2025.

In the budget he presented in March just before the pandemic, Girard had forecast Quebec’s economy would grow this fiscal year by about 2 per cent.

The update comes the same day the Montreal released its budget — which is balanced.

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