More P.E.I. government loan writeoffs to be made public 'step in right direction'

New rules under P.E.I.'s Financial Administration Actwill make more of the province's loan writeoffs public, butP.E.I.'s Opposition PC Party says more need to be done.

Amendments to the act will see all loan write offs worth more than $25,000 disclosed through orders-in-council.

"Our government is committed to openness and transparency," said Premier Wade MacLauchlan in a news release.

"Good government means ensuring Islanders are kept informed of these investments and any change in their status."

PCs take credit

The changes are a "small step in the right direction," said OppostionEconomic Development Critic Matthew MacKay, the MLA for Kensington-Malpeque.

"Having more transparency around writeoffs of government loans is something that's badly needed," MacKay said in a written release Tuesday.

"At first the MacLauchlan government rejected our calls in the House for more transparency but thanks to months of pressure from our caucus the government finally saw the light and came around," MacKay added.

The PCs point to further amendments they suggested that were rejected by government, includingincluding having the law apply retroactively to past loans.

Change comes after auditor general report

The amendment was a recommendation from the 2015 provincial auditor general's report, in which Jane MacAdam was critical of a lack of proper risk assessments and better measures of success for loans from provincial lending agencies.

• P.E.I. auditor general says provincial loan agencies need better monitoring

The government noted it currently has $370 million on loan to Island businesses.

It said those businesses generate more than $1.3 billion in revenues annually, and employ more than 12,000.

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