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Ottawa would work quickly to process a request from the province
The Canadian Press Posted: Jan 29, 2016 1:21 PM ET Last Updated: Jan 29, 2016 1:21 PM ET
The Liberal government has confirmed that Alberta may qualify for a financial boost under a little-known federal program
to help ease the province's economic pain from falling commodity prices.
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Finance Minister Bill Morneau says the province could be eligible for payments under the fiscal stabilization program and that Ottawa would work expeditiously to process any request.
Provinces can make claims under the program when their revenues tumble by more than five per cent from one year to the next
The Alberta government has projected a double-digit decline in revenues in 2015-16 due to the steep slide in resource prices.
But Morneau says that under the program's current rules, the maximum withdrawal Alberta can claim is about $250 million.
Payments from the program were capped in the late 1980s at $60 per provincial resident. Alberta's population is about 4.1 million.
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