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Management Provisions

The framework for the Government Pension Fund and the management of fund assets are laid down by Act of Parliament and guidelines with supplementary provisions.

The Norwegian Fiscal Policy Framework

The Government Pension Fund Global and the fiscal rule have since 2001 set out the plan for the phasing-in of petroleum income and investment returns to the Norwegian economy. The Government Pension Fund Act stipulates that the State’s net cash flow

Annual Report to the Storting

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. The Ministry gives an account of the management of the Fund in an annual report to the Storting, as well as in the National Budget.

External reports and letters about the Government Pension Fund

2025 GPFG CEM Investment Benchmarking report for 2023 (02/14/2025) GPFN CEM Investment Benchmarking report for 2023 (02/14/2025) 2024 Report for the Norwegian Ministry of Finance: On the global market portfolio, private-equity markets and Chines

Strategic Benchmark Index

The strategy is defined in the Fund mandate and reflected in, inter alia, the composition of the benchmark index and risk limits established by the Ministry of Finance.

Previous national budgets

2025 The Revised National Budget 2025 The National Budget 2025 2024 The Revised National Budget 2024 The National Budget 2024 2023 The Revised National Budget 2023 The National Budget 2023 2022 The Revised National Budget 2022 Amendment to the 2022

Governance model

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The

Market Value

Government Pension Fund market value from 1996 to 2024. NOK billion The accumulation of capital in the GPFG originates by and large from the conversion of oil and gas resources in the North Sea and Norwegian Sea to financial assets abroad. Petroleum

Agreement Norway - Uruguay

Agreement Norway - Costa Rica

Contact Infomation The Norwegian Ministry of Finance

The Norwegian Ministry of Finance P.O.Box 8008 Dep, NO-0030 Oslo, Norway Visiting address: Akersgata 40, 0180 Oslo E-mail: postmottak@fin.dep.no News Alert Subscribe to our news alert service to keep up with the latest events concerning a given

Areas of responsibility

About the Ministry

The Ministry of Finance monitors and analyses economic trends in Norway and abroad, and gives advice in a number of areas of economic policy.

National Budget 2018 - A Summary

Faced with the most severe oil and gas price slump in 30 years, the Government has over the last few years actively used fiscal policy to counter unemployment. This has worked as intended. Targeted fiscal policy has, along with low interest rates

NOU 2018: 17 - Climate risk and the Norwegian economy

NOU 2019: 18 - Chapter 1: Introduction and summary

Tax Law Department

Tax Law Department is responsible for the drafting, interpretation and administration of regulations relating to income and wealth tax, petroleum tax, national insurance contributions, property tax, inheritance tax, value-added tax, customs duty and

Director General Omar G. Dajani

The Financial Supervisory Authority (Finanstilsynet)

The Financial Supervisory Authority of Norway (Finanstilsynet) supervises banks, insurers, finance companies, investment firms, markets for financial instruments, securities depositories, estate agents, e-money institutions, auditors and accountants

Web page: https://www.finanstilsynet.no/en/

Norwegian Agency for Public and Financial Management (DFØ)

The Norwegian Agency for Public and Financial Management (DFØ) is the expert body for financial management within the central government. The agency is also promotes good administrative management in central government bodies.

Web page: https://dfo.no/

Agreement Norway - Bermuda

Agreement between the Kingdom of Norway and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland on the exchange of information with respect to taxes.