Manitoba finance minister touts stable, diverse economy in NYC debt sales pitch
Manitoba's finance minister is in New York City pitching investors who buy debt on the province this week.
Cameron Friesen admits a stable, diverse economy with low unemployment wasn't his only selling feature in trying to sell Manitoba's debt.
"Well, I cracked a joke or two and I think it was well received. They asked, 'Why this strategy? I said, 'Well, we are friendly Manitoba, it says so on our licence plates,'" Friesen said on a call from New York on Tuesday.
Friesen met Tuesday morning with more than 300 investors who place bonds for debt in countries and smaller constituencies, including provinces such as Manitoba.
The conference is organized every year by the financial information giant Bloomberg.
Friesen thinks his presentation went over well.
"My officials say it went well, but they have to say that, right? The fact of the matter is, I think there is that genuine interest in the story. I think there is an understanding now that there is a change in direction — that there is a shift taking place in Manitoba," Friesen says.
Manitoba's finance minister said he touted the province's recent public accounts submission showing a need for $147 million less in deficit borrowing than was budgeted.
"They are wanting to know, 'What sets you off? How are you different from Ontario and B.C.?' And that's where we have been able to deliver a message of financial management.… We are bringing better controls, we plan to hit our targets," Friesen said.
Manitoba, he said, exports not only to the United States but many countries around the world, as well as within Canadian borders. That, he believes, supports claims of a diversified economy that can withstand changes to trade, such as those being negotiated by Canada, Mexico and the U.S. in the current NAFTA talks.
Friesen said Manitoba has the advantage of long-term, stable growth not influenced by swings in the price of oil or when manufacturing declines.
Manitoba has secured approximately 70 per cent of the borrowing this fiscal year it needs to keep running.
Friesen acknowledged part of the trip involves a "sales job," but said, "If you have confidence in what you are selling, it makes the job much easier."
