STOCKHOLM (Reuters) - Sweden will need to borrow more money and cut costs across the board to meet the expense of record numbers of asylum seekers arriving in the country, Finance Minister Magdalena Andersson said on Thursday.

"It is going to take longer for us to get back to balanced public finances," Andersson told reporters. "It also going to mean that we are going to need to borrow money."

Earlier in the day, the Migration Agency said it expected up to 190,000 asylum seekers to arrive in Sweden this year.

(Reporting by Simon Johnson; Editing by Alistair Scrutton)