Finance Minister Dismisses Plans to Sell NLC
The Finance Minister has confirmed that there are no plans to sell the NL Liquor Corporation (NLC). This statement comes in light of recommendations from Moya Greene’s 2021 report, which suggested various strategies for stabilizing the province’s finances.
Background on the ‘Big Reset’ Report
Released in 2021, the ‘Big Reset’ report aimed to address the fiscal challenges facing the province. It proposed the divestiture of several government assets, including Marble Mountain and the NLC.
Marble Mountain and Private Sector Interest
Despite efforts to entice private investment in Marble Mountain, there has been little interest. As of last fall, no offers had materialized.
Current Stance on NLC
Minister Craig Pardy has categorically dismissed any plans to sell the NLC. He emphasized that the corporation’s dividends—amounting to over $200 million in the past year—are instrumental in the government’s revenue stream. Pardy stated, “We’ve given no thought to selling off the NLC.”
Importance of NLC to Government Revenue
- NL Liquor Corporation contributes significantly to provincial finances.
- Dividend earnings exceed $200 million annually.
- NLC viewed as a vital asset for maintaining fiscal stability.
This clarifies the government’s commitment to retaining the NLC as part of its financial strategy, despite external pressures and recommendations for divestiture.
