Ontario to Sell More Debt Abroad as Deficit, Spending Grow

Ontario plans to borrow C$59.8 billion ($42.7 billion) to fund a larger budget deficit and spending on highways and other infrastructure, and expects more of it will come from foreign currency bond sales.

Long-term borrowing needs for Canada’s most populous province are seen at C$42.8 billion for the fiscal year ending March 31, 2026. As much as 30% may come from foreign markets, according budget documents released Thursday by Finance Minister Peter Bethlenfalvy.