The provincial government has granted an extension to McKinsey and Co.’s million-dollar economic development contract.
The contract was awarded in September 2018 and gave McKinsey and Co. three months to look at ways to diversify the economy of the province. Initially, the report was due in December, but the government has granted an extension until February for the final report.
A spokesperson for the Department of Finance says the extension will not increase the cost of the contract.
McKinsey and Co. has been directed to look at what can be done in the natural resources and aerospace sector, with a focus on ocean research, but it also has freedom to look at other areas of government where there may be room for improvement.
At a news conference in September, Finance Minister Tom Osborne said the company has a blank slate to look for economic diversification opportunities being missed by the provincial government.
The report is expected to be made public upon its completion.
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