NL

N.L. to apply for federal cash to help fiscal crisis

The province says it's going to apply to the federal Fiscal Stabilization Program, following a successful application by Alberta.
The slump in offshore oil revenue has been the leading factor in the province's economic downturn. (Hibernia Management Development Company)

Newfoundland and Labrador is going to apply for a federal fund that could see the province receive up to $30 million to cope with its financial crisis, according to a spokesperson for the Department of Finance.

Alberta had its application through the Fiscal Stabilization Program approved Tuesday, for a little more than $250 million.

If its application is successful, Newfoundland and Labrador could receive up to $60 per person.

The province is set to apply for the 2015 to 2016 fiscal year in the spring, once its projected revenues for the year are released in the budget.

The stabilization program is meant to help provinces cope with sudden downturns in the economy. It is not often used — the first, and last instance Newfoundland and Labrador availed of it was from1991 to 1992, when the province received $31 million.