British Columbia’s Ministry of Finance is proposing amendments to its Financial Administration Act that it says will clarify ministerial authority and bring the act up to date with current industry and market standards.

The act allows the finance minister, on behalf of the province, to borrow money, give loans to government bodies, issue securities, and manage debt for government, Crown corporations and other agencies.

The amendments revise outdated borrowing and debt-management provisions of the act, bringing them into line with financial market practices. The act will now reflect the range of debt-management services used routinely in the financial industry, which has evolved over the past 20 years, the ministry says.

The changes also clarify the finance minister’s authority to borrow and manage the province’s debt.

The ministry says that the proposed amendments will increase flexibility in managing government’s borrowing program. The amendments will not be debated until the fall sitting of the legislature.