Government's Financing Program

Graphic – Government’s Financing Program(millions of Canadian dollars)

Note: As at November 26, 2025, 25 054 million equivalent in Canadian dollars have been borrowed and the program is 105.1% completed.

Table – Government’s Financing Program(accessible version)

Note: As at November 26, 2025, 25 054 million equivalent in Canadian dollars have been borrowed and the program is 105.1% completed

The government aims to borrow at the lowest possible cost. To this end, it applies a strategy of diversifying sources of financing according to markets, financial instruments and maturities.

Structure of debt by currency

Financing transactions are carried out regularly on major international markets, namely Canada, the United States, Europe, and also Australia and Asia. Québec plans to continue to take advantage of opportunities to issue on foreign markets.

On average, over the past 10 years, 31% of borrowings have been made in foreign currencies. However, the government does not maintain any exposure of its debt to foreign currencies, so as to neutralize the effect of their fluctuations on debt service.

Graphic – Structure of debt by currency(per cent)

Note: As at November 12, 2025.

Table – Structure of debt by currency(accessible version)

Note: As at November 12, 2025.

Structure of debt by financial instruments

To meet investors’ needs, a wide range of financial products is used in financing operations.

Long-term instruments mainly consist of conventional bonds.

Graphic – Structure of debt by financial instruments in 2025-2026

Note: As at November 12, 2025.
(1) The proportion attributable to immigrant investors is less than 0.5%.

Table – Structure of debt by financial instruments in 2025-2026(accessible version)

Note: As at November 12, 2025.
(1) The proportion attributable to immigrant investors is less than 0.5%.

Debt maturity

New borrowings’ maturities are distributed over time in order to stabilize the refinancing profile and promote the government’s regular presence on capital market.

Graphic 1 – Diversification by maturity 2025‑2026

Note: As at November 12, 2025.

Table 1 – Diversification by maturity 2025‑2026(accessible version)

Note: As at November 12, 2025.

Borrowing diversification by term is reflected in the debt maturity profile presented in the following chart. As at March 31, 2025, the average debt maturity was 11 years.

Graphic 2 – Long-term debt maturity as at March 31, 2025 (millions of Canadian dollars)

Note: For the maturities in the 2035-2045, 2045-2055 and 2055-2077 periods, this is an annual average.

Table 2 – Long-term debt maturity as at March 31, 2025(accessible version)

Note: For the maturities in the 2035-2045, 2045-2055 and 2055-2077 periods, this is an annual average.