The Province of Alberta (Alberta) is the most western of the three Canadian Prairie provinces. It is the fourth-largest province by population and enjoys the highest GDP per capita in the country. It also currently boasts the lowest debt-to-GDP ratio among the provinces.

However, depressed oil prices and the impact of COVID-19 have been detrimental to the economy and, in turn, provincial government revenues. The Alberta government released its annual fiscal results for 2020/21 showing a deficit of C$17 billion and expects deficits to persist to 2024. Growth expectations for 2021 have been upgraded and annual GDP is forecast to expand by 4.8%, but the recovery is expected to be prolonged and uneven. Alberta’s forecast borrowing requirement for 2021 is C$24 billion.

The capital markets branch of the Treasury Board and Finance Ministry is responsible for the following:

• Borrowing and risk management for the province and its provincial corporations.
• Providing investment-policy advice for government investment pools and trust funds.
• Managing the provincial debt portfolio including executing the province’s financing plan.
• Investor-relations activities.
• Relations with credit-rating agencies.
• Providing centralised banking, settlement and cash-management services.

As at June 2021, the Province of Alberta has not developed a green, social and sustainability bond issuance strategy.

Stephen Thompson
Executive Director
+1 780 644 5011
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www.finance.alberta.ca/business/borrowing/index.html