Feds’ COVID-19 debt hits $278.8-billion, but government debt payments are falling

The government actually spent less on debt charges this summer than last, thanks to low interest rates and a rush from the Bank of Canada and other investors to gobble up government bonds.

Finance Minister Chrystia Freeland, pictured in Ottawa on Sept. 15, 2020, is now overseeing the government's unprecedented spending campaign as the second wave of the COVID-19 pandemic continues to hamper businesses and push many Canadians into dire financial straits. The Hill Times photograph by Andrew Meade

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BY PETER MAZEREEUW

November 8, 2020

The federal government borrowed nearly $279-billion to battle the COVID-19 pandemic in just the first half of this fiscal year, but actually spent less money than it did last year on debt-related interest payments, according to two recent reports from Finance Canada.

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