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.
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.