Premier David Alward is dismissing the comment by University of New Brunswick chancellor Richard Currie that New Brunswick is a "failing province."

Currie, a prominent Canadian businessman, criticized the province's government during a speech on Friday.

'It is a failing province because the rest of Canada has been too indulgent towards it. And like all indulged people or institutions, it has grown dependent on the largesse or generosity of a proverbial rich uncle.'— Richard Currie

That sparked an immediate reaction from politicians and business leaders.

"I don't believe, in any way, New Brunswick is a failing province," Alward said on Monday.

Currie's speech targeted New Brunswick's ongoing reliance on federal transfer payments and its worsening fiscal situation as some of the key indicators the province is failing.

"But when it comes to government, it is important today to realize that New Brunswick is a failing province," an excerpt from Currie speech said.

"The latest confirmation came from Standard and Poor's moving its outlook for New Brunswick from stable to negative. It is a failing province because the rest of Canada has been too indulgent towards it. And like all indulged people or institutions, it has grown dependent on the largesse or generosity of a proverbial rich uncle."

Currie said New Brunswick wastes too much money on government programs and not enough on education.

Currie, who grew up in Saint John and has recently donated $20 million to the University of New Brunswick, was not available to comment on the reaction to his speech.

'Tough love'

Susan Holt, the chief executive officer of the Fredericton Chamber of Commerce, said she can't argue with Currie's analysis given the province's $8-billion debt.

"It does certainly sound bleak, and it feels like an insult when someone calls your province, your home, 'failing,'" Holt said.

'I think it's worthwhile pushing those buttons and challenging people's thoughts and what's happened in the past in order to get us to a better place.'— Susan Holt, Fredericton Chamber of Commerce

"But I don't think it's unwarranted when you look at the fiscal reality."

Holt said many of Currie's statements were hard to hear and branded it "a bit of tough love" aimed at the province.

"There were some provocative ideas that folks will not all appreciate," Holt said.

"But I think it's worthwhile pushing those buttons and challenging people's thoughts and what's happened in the past in order to get us to a better place."

He also criticized the cities of Fredericton and Saint John for what he called "paltry" to "pathetic" financial support for UNB.

Fredericton Coun. Mike O'Brien said the city does support the university.

O'Brien said he believes Currie was trying to provoke a debate with his speech.

"Maybe that's just part of his intent, to just shake the tree and see what falls out," O'Brien said.