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Ministère des Finances

Ministère des Finances

Government's Financing Program

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

Note: As at April 28, 2025, 2 247 million equivalent in Canadian dollars have been borrowed and the program is 7.6% completed.

Table – Government’s Financing Program(accessible version)

Fiscal year $M
2024-2025 36 710
2025-2026 29 661
2026-2027 37 486

Note: As at April 28, 2025, 2 247 million equivalent in Canadian dollars have been borrowed and the program is 7.6% 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, 30% 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 March 5, 2025.

Table – Structure of debt by currency(accessible version)

Fiscal year Canadian dollars (%) Foreign currency (%)
2014-2015 75.3 24.7
2015-2016 78.3 21.7
2016-2017 69.0 31.0
2017-2018 60.7 39.3
2018-2019 83.2 16.8
2019-2020 65.6 34.4
2020-2021 67.9 32.1
2021-2022 64.7 35.3
2022-2023 82.8 17.2
2023-2024 61.6 38.4
2024-2025 65.7 34.3

Note: As at March 5, 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 2024-2025

Note: As at March 5, 2025.
(1) The proportion attributable to immigrant investors is less than 1%.

Table – Structure of debt by financial instruments in 2024-2025(accessible version)

Financial instruments Percentage (%)
Immigrant investors — (1)
Savings products 1.5
Conventional bonds 98.5

Note: As at March 5, 2025.
(1) The proportion attributable to immigrant investors is less than 1%.

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 2024‑2025

Note: As at March 5, 2025.

Table 1 – Diversification by maturity 2024‑2025(accessible version)

Maturity Percentage (%)
5 years 18.9
10 years 46.9
30 years 34.2

Note: As at March 5, 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 is expected to be 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)

Fiscal year Borrowings ($M)
2025-2026 16 889
2026-2027 14 104
2027-2028 13 309
2028-2029 14 488
2029-2030 17 701
2030-2031 16 361
2031-2032 20 054
2032-2033 19 023
2033-2034 19 107
2034-2035 17 833
2035-2045 3 424
2045-2055 3 622
2055-2077 739

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