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Ontario debt to soar by $50 billion over four years: FAO

Ontario's financial watchdog is warning the province's debt is set to jump by $50 billion over the next four years.

In a statement Tuesday, the office of Ontario Financial Accountability Officer Stephen LeClair says the province's net debt will jump by $50 billion to $350 billion by 2020-21. The FAO warns that Ontario's debt burden is one of the highest among provincial governments in Ontario. An interest rate hike could put the province's credit at risk, the statement says.

"All else equal, an increase in interest rates would lead to higher interest payments, which would reduce the Province's fiscal flexibility," the report says.

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