06/18/2015 02:59 EDT | Updated 06/18/2016 05:59 EDT

Prince Edward Island's Liberal government brings in its 2015-16 budget on Friday

CHARLOTTETOWN - Prince Edward Island's finance minister will introduce the provincial budget on Friday.

The budget for the 2015-16 fiscal year by Finance Minister Allen Roach comes after the Liberals won a third straight majority government on May 4.

Premier Wade MacLauchlan, who took over from Robert Ghiz in February, identified the economy as a major focus for his government during the election campaign.

In a fiscal update last November, the Liberals projected a deficit of $44.7 million for the 2014-15 fiscal year.