How the pandemic and an oil crash cratered Newfoundland and Labrador’s finances | CBC News
In the March 20 letter, Ball warned that Newfoundland and Labrador had “run out of time,” according to sources with knowledge of the events.
The province with Canada’s worst balance sheet had just been told that nobody wanted to buy Newfoundland and Labrador bonds. The government’s attempts to finalize both its short- and long-term borrowing programs had failed.
In other words, Newfoundland and Labrador couldn’t get the money it needed in the face of a pandemic.
Sources say the provincial government was on track to run out of cash by the middle of April.