These measures have helped the government borrow at or near record low interest rates.The Exchange Fund Account (EFA), which is held in the name of the Minister of Finance, represents the largest component of Canada’s official international reserves. Canada may be among the first to see the negative consequences of the new debt binge. With this Debt Management Strategy, the government also intends to issue a historic level of long-term bonds to manage the significant increase in debt resulting from the response to COVID-19.The government sets its debt issuance plan using a balanced portfolio of instruments with different maturities with the goal of meeting its objectives over a medium-term horizon under a wide range of economic and interest rate scenarios and projections. This will ensure Canada’s debt remains affordable and sustainable for future generations and will help retain our low-debt advantage.Canada remains among the top rated countries in the G7 and continues to hold a AAA rating, with a stable outlook, from all major credit rating agencies except Fitch. The figures below refer to “net debt.” The IMF calculations on Canada’s debt to GDP ratio work on “gross debt.” In selecting maturities, the benefits of reducing rollover risk are assessed against the marginal costs of issuing more long-term bonds, as yields are typically higher at longer terms. The Government of Canada has increased its borrowing in order to make the necessary temporary investments to stabilize the Canadian economy amidst the extraordinary circumstances of the COVID-19 pandemic. Canadian Provincial Debt. The Plan includes more than $211 billion in direct support measures to Canadian workers and businesses and an additional $85 billion in tax and customs duty payment deferrals to meet liquidity needs of businesses and households to help stabilize the economy. The number of planned auctions and the number of planned auctions per benchmark bond in 2020-21 for each sector is shown in Table A3.7. The table below shows the planned and actual debt raising actions of the Department of Finance for 2017. As noted in Sources: Fiscal Reference Tables; Finance Canada calculationsEntering into the crisis, Canada had the lowest net debt-to-GDP (gross domestic product) ratio among the Group of Seven (G7) countries, reflecting significant holdings of financial assets. The main source of this debt is the national pension scheme, which is called the Canada Pension Plan Investment Board (CPPIB).Government obligations to future pension payments are not recorded. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. In addition, the government has lowered obligations for dealers by temporarily widening the range of yields at which they are required to bid to meet their minimum obligations.The Bank of Canada has also launched a number of measures and facilities to promote the efficient and continuous functioning of funding markets, including increasing the amount of Government of Canada securities it purchases at treasury bill auctions and introducing a secondary market bond purchase program.
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