Financial Restructuring of Muskrat Falls and the Lower Churchill Projects
July 28, 2021
Today, Prime Minister Justin Trudeau spoke here in Newfoundland and Labrador to affirm the federal government’s dedication to the financial restructuring of Muskrat Falls and the Lower Churchill Projects along with the implementation of $10-a-day childcare.
The federal government will provide over:
- $2 billion to help the Projects stay on stable footing
- $1 billion as in investment in the province’s portion of the Labrador-Island Link
- $1 billion as a loan for the Muskrat Falls and Labrador Transmission Assets
The federal government is also prepared to commit to annual transfers that would be equivalent to the value of Canada’s net revenue from the Hibernia offshore project. This revenue is estimated to be around $3.2 billion over the remainder of its life, these transfers will ensure Newfoundlanders and Labradorians are the beneficiaries of this project.
Additionally, for families with young children, or those planning to have kids, the federal government has major plans for childcare:
- By as early as 2023, the average fees for children under six in regulated childcare will drop from $25-a-day to $10-a-day
- Within five years, 6,000 new spaces in childcare will be created
- A full day, year-round, pre-kindergarten program for four-year-olds will start rolling out in the fall of 2022!
Affordable childcare and strong early education will bring about a real change for hardworking families. Families will save hundreds of dollars every month, more women will be able to build careers, and children will benefit from strong education early in life.
Today’s agreements will support our communities, our province, and our country through investments in infrastructure, the growth of a strong workforce, and a stronger foundation for our children to get ahead.
This is what happens when provincial and federal governments work together. Collaboration and leadership like this is needed to build a strong future for our province.
