01/09/2014 02:19 EST | Updated 03/11/2014 05:59 EDT

Nova Scotia agriculture minister reviews money problems at Provincial Exhibition

HALIFAX - Nova Scotia's agriculture minister says he is reviewing the Provincial Exhibition, which owes the province about $500,000.

Keith Colwell says the annual five-day event in Bible Hill needs to be run more efficiently and the government won't forgive its debt.

Colwell did not specify what actions he has planned, though he says he is not considering at this time dismissing the board that runs the exhibition.

He says he will provide more information in about a week on how the exhibition can be more self-sustaining.

The annual fair, which began in 1946, is held each August and draws about 40,000 people.