(MENAFN) According to an independent parliamentary office, low oil prices could derail Canada's planned return to budget surplus in the fiscal year starting in April, The Peninsula Qatar reported.
The Parliamentary Budget Officer offered two scenarios in which the price of West Texas Intermediate oil per barrel remained at USD48 or climbed from USD51 to USD81 over the next five years.
The impact on government coffers was projected to result in a USD322 million deficit in fiscal 2015 to 2016 under the first scenario, or a USD564 million surplus if oil prices bounce back.
Finance Minister predicted a deficit of USD 2.3 billion in 2014 to 2015, followed by a USDS1.5 billion surplus the following fiscal year. The estimated surplus was USD4 billion less than expectations.
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