Atlantic Accord
One of his most notable achievements was negotiating with the federal government to implement the Atlantic Accord, a multi-decade regional development program that had been approved in principle during the late 1980s to prevent provincial government offshore oil and gas royalties from being included in calculations for the federal equalization program. This resulted in an $830 million payment in 2005 from the federal government, which Hamm applied against the principal on the province's long term debt, thereby reducing debt servicing payments by over $50 million annually.
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Famous quotes containing the words atlantic and/or accord:
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