'What's the plan?': PBO Giroux calls for timeline after fiscal update
OTTAWA -- Parliament's budget watchdog says parliamentarians should probe details about steep losses at Crown corporations and increased borrowing the Liberals outlined in their recent fiscal snapshot.
The fiscal and economic report released a week ago detailed the Liberals' financial expectations, including a $343.2-billion deficit due to the COVID-19 pandemic.
Parliamentary budget officer Yves Giroux says in a report that there are other numbers behind the biggest ones that MPs and senators should question.
He points to projections that enterprise Crown corporations, such as the Canada Mortgage and Housing Corp. and Business Development Bank of Canada, will collectively lose $12 billion this fiscal year.
Giroux notes that loss is a sharp turnaround from the $7.3 billion in gains for the 12-month period ending in March.
He says losses are unusual for these Crown corporations and adds that each should provide detailed projectins to Parliament as soon as possible about its COVID-19 liquidity programs.