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Thank you, I’m pleased to be here this morning with my colleague Minister Miltenberger to speak about the good news presented in yesterday’s federal budget.

Achieving an increase to the borrowing limit was one of the priorities that all Members of the 17th Legislative Assembly agreed to at the beginning of our term.

Through our government’s engagement with the Prime Minister and federal Ministers, we have been successful in achieving two increases to the borrowing limit during this government. First an increase to $800 million in March 2012, and now a further increase to $1.3 billion.

An increased borrowing limit marks the continuing evolution of the Government of the Northwest Territories. It is recognition that mature governments must have fiscal flexibility so they can carry out effective planning for the future and better manage the territorial economy. It is also recognition of the prudent fiscal management that has characterized this government for many years.

An increased borrowing limit is not an invitation to begin spending without a solid fiscal plan, and it is not more money to spend on ongoing operations. We are not running up the credit card bills to pay for consumer goods.

What we are talking about is borrowing prudently to make strategic investments in territorial infrastructure that will help support the growth of our economy and address the cost of living. Like a home improvement loan, we are talking about potential borrowing to make investments that will increase the value of our economy and our territory.

We also aren’t talking about spending this money right now. The Government of the Northwest Territories does not have this money earmarked for any new projects already, but it will improve our ability to plan going forward. Those plans will be developed using our normal processes and will include consultations with Members of the Legislative Assembly and other stakeholders.

We are also pleased to announce that Finance Canada has agreed to look at the way that it calculates debt for the purposes of the borrowing limit. They have agreed with an argument the Government of the Northwest Territories has made for many years that self-liquidating debt might be excluded from the debt limit.

While details on how this will be applied are still being determined, this is another piece of good news that will improve the Government of the Northwest Territories’ ability to plan and undertake projects of territorial significance.

I have said many times that the North has great economic potential. Yesterday’s announcement by Minister Oliver confirms that Canada shares our positive economic and fiscal outlook. I’d like to thank the Minister and Prime Minister Harper for their continued commitment to the North and its residents. I look forward to working with them in partnership to continue building a strong, prosperous Northwest Territories that will provide jobs and economic opportunities for all residents, in all communities and regions.

Thank you.