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 have been detrimental to the economy and, in turn, provincial government revenues. For the foreseeable future, oil prices are forecast to remain low and budget deficits are expected to continue.

The Alberta government released its annual budget for the 2020/21 fiscal year on 27 February 2020, prior to knowing the impact the COVID-19 virus would have on the provincial, domestic and international economies. The government provided a First Quarter Fiscal Update on 27 August 2020. The report outlined a significant decrease in provincial revenues for the current year and a subsequent revision to its deficit projection and resulting borrowing programme, to C$29.9 billion for the fiscal year.

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 September 2020, 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