Amadeusz Juskowiak

Canadas wilson seeks temporary borrowing

Canadian Finance Minister Michael Wilson said he will use temporary authority under the Financial Administration act to borrow an additional 600 mln dlrs in next Thursdays treasury bill auction

In a statement Wilson said the action would permit the government to proceed with its debt program during a period when there was not sufficient borrowing authority which is granted by Parliament to cover the governments needs

Ottawa announced previously it was seeking Parliamentary approval for the additional authority to cover the financing of an increase in the governments foreign reserves