Sources of Federal Government BorrowingsThe following is from page 161 of the Economic and Fiscal Snapshot 2020, released July 8: "The aggregate principal amount of money to be borrowed by the government in 2020-21 is projected to be $713 billion. The size of the program reflects significant additional financial requirements as a result of government initiatives to respond to the COVID-19 pandemic. All borrowings will be sourced from domestic and foreign wholesale markets. "The government's borrowing needs are driven by the refinancing of debt and projected financial requirements, which are principally related to COVID-19. "In 2020-21, the refinancing of debt is projected to be $245 billion, and the financial requirement is expected to be $469 billion. The government's cash balances are not expected to change as new borrowings are expected to meet all financing requirements. "Financial requirement projections include measures under the COVID-19 Economic Response Plan (the Plan). 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.... "Actual borrowings for the year may differ due to uncertainty associated with economic and fiscal projections, the timing of cash transactions, and other factors such as changes in foreign reserve needs and Crown corporation borrowings. To adjust for unexpected changes in financial requirements, debt issuance can be altered during the year, typically through changes in the issuance of treasury bills."
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