Finance Minister releases interim report of independent external financial review of province

Finance Minister and President of Treasury Board Loyola Sullivan today released the interim report of the independent review of the province�s financial situation prepared by PricewaterhouseCoopers (PwC) back in November, 2003. Although government released the final PwC report earlier this month, the Minister is releasing the interim report today at the request of various stakeholders.

"Allegations that the government asked PwC for changes in the interim financial report to create a bleaker picture of the province�s situation are completely false," said the Minister. "Those who read the reports will see that the final version of the report merely reflects a reconciliation of more up-to-date numbers from our actuary which became available in December, in addition to routine report editing.

"This province�s fiscal situation is not good. Government would never pretend that the situation is worse than it really is. We have been and will continue to be transparent and open with all Newfoundlanders and Labradorians on our financial situation," said Minister Sullivan.

Government will continue to work in partnership with the people of Newfoundland and Labrador to make smart decisions which will ensure the fiscal stability of the province in the future, including a major focus on growing the economy.

Media contact: Diane Keough, (709)729-6830

Note to Editors:

Copies of the report will be available from Diane Keough at the above number.

Minister Sullivan will be available to the media in the Media Centre, Ground Floor, East Block, Confederation Building today at 3:30 p.m.

2004 01 29                                        2:55 p.m.