The State Treasury implements borrowing and other debt management operations under the guidelines prepared by the Ministry of Finance. The central government borrowing requirement is based on the budget proposal presented in September of the previous year. If the budget proposal shows a deficit, the deficit will be covered by borrowing.

The Parliament normally approves the budget in December, at which time the borrowing requirement is specified in more detail. The borrowing requirement may be revised in one or more supplementary budgets submitted during the budget year. In addition to on-budget entities, the central government’s off-budget entities run a small debt.

The Government’s medium-term borrowing requirement is based on the decision on central government spending limits, which is approved annually by the Government.

Published 2013-03-25 at  13:53 , updated 2013-04-02 at  15:37
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