Weeks after being sworn in as Newfoundland and Labrador's premier, Tony Wakeham is painting a bleak financial picture — but won't make the details public just yet.

The province's deficit grew to $620 million in a fiscal update in August, but Wakeham said it is likely higher.

“I can tell you based on my early briefings, there is reason to believe that even that number doesn't reflect the true depth of our provincial deficit,” Wakeham told a packed room at the Jag Soundhouse in downtown St. John’s.

He said newly-minted Finance Minister Craig Pardy will provide a fiscal update in December.

Speaking to reporters after the event, Wakeham reiterated the deficit will be revealed in mid-December, adding his team has been “poring through the numbers”

“Needless to say, we have challenges," he

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