The Ministry of Finance today presents a proposition to the Storting (Parliament) concerning authorisations for domestic and international borrowing in 2002.

The government's gross borrowing requirement for 2002 is 59 billion kroner. Domestic borrowing will cover this requirement.

Market developments have illustrated the need for flexibility to adjust the government's borrowing to changing conditions during the year. Therefore, the Ministry of Finance asks for authorisations to raise loans that combined exceed the estimated borrowing requirement. The Ministry proposes authorisations concerning new long-term domestic loans and new international loans of 80 billion kroner and 20 billion kroner, respectively. Authorisations for maximum outstanding in short-term market instruments (bills etc.) are proposed at 80 billion kroner and other short-term debt instruments are proposed at 100 billion kroner.

The actual programme for domestic borrowing will be decided later this year. In December, the Ministry of Finance and Norges Bank will publish auction calendars for the issuance of government bonds and bills for 2002.