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ROYAL BANK REPORT PRAISES PROVINCE'S FISCAL PLAN

Released on November 5, 1996

Premier Roy Romanow today praised a Royal Bank report which shows that
people in Saskatchewan and Atlantic Canada will be the biggest
long-term beneficiaries of plans to reduce government debt.

"We're pleased the Royal Bank has singled out Saskatchewan as a leader
in reducing debt and cutting interest costs," Romanow said. "The
report agrees that the Saskatchewan approach delivers the biggest
long-term benefit in protecting social programs and reducing the tax
burden."

The report says that the "largest fiscal dividends will go to the
provinces starting out with high debt ratios and having already
exercised substantial fiscal restraint."

Saskatchewan's current Debt Management Plan shows that the province is
now reducing debt on a per person basis faster than any other province.

The Royal Bank report is based upon an analysis which assumes certain
debt levels, and that governments will completely eliminate their debts
before delivering any benefits back to people.

"The Royal Bank recognizes that the specifics of its analysis will
change as individual provinces decide on their priorities.
Nonetheless, the general tenor of the report -- that the more you
reduce debt, the bigger the sustainable benefit to taxpayers -- is
right on the mark.

In Saskatchewan's case, the province has already begun to provide the
benefits of balanced budgets and lower debt.

"We've always aimed for a balanced approach between paying down debt,
reducing taxes and investing in Saskatchewan's social programs and its
infrastructure. We think it's right to start rewarding Saskatchewan
people for their hard efforts.

"That's why we've cut personal income taxes by up to $300 a family, and
why we're making an additional $40 million investment in health. We
will continue to use that balanced approach as our debt falls further,"
Romanow said.

The Royal Bank report is entitled Long-run outlook for provincial
government debt: fiscal dividends vary across provinces.

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For more information, contact:

Tonya Duffy
Media Services
Regina
Phone: (306) 787-6282

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