In the Government, it is the Minister of Finance’s responsibility to draw up and coordinate economic policy. The Ministry of Finance acts as the secretariat for the Minister of Finance. It is the political authorities – the Government and the Storting – that make the decisions.
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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 from the petroleum industry shall in its entirety be transferred to the Government Pension Fund Global, and that resources in the Fund can only be transferred to the budget pursuant to a decision by Parliament.
Norway forms the western and northern part of the Scandinavian Peninsula and has common land borders with Sweden, Finland and Russia. Norway’s area is 323,787 square kilometers (approximately 125,100 square miles), excluding the Svalbard Island group in the Arctic Ocean and other overseas territories. The population of Norway was estimated at 5,052,000 as of January 1st, 2013. Oslo is the capital and largest city in Norway.
General tax conventions for the avoidance of double taxation and the prevention of fiscal evasion,and other international agreements regarding tax matters.
Revised National Budget
The economic policies introduced in the 2017 Budget are proving effective. In the Revised Budget for 2017, the Government is therefore maintaining its focus on job creation, welfare, and security.
National Budget 2017:
“Norway will emerge stronger from the challenging restructuring the economy now experiences. The Budget for 2017 contains targeted measures to counteract unemployment in the regions and industries that are hardest hit by the drop in oil prices. The Budget for 2017 is a budget for more jobs, better welfare, and a safe life," says Minister of Finance Siv Jensen.
The Ministry of Finance is today appointing a committee to review the Central Bank Act and the governance of Norges Bank. The committee will be chaired by Svein Gjedrem, former Secretary General of the Ministry of Finance and former Governor of Norges Bank. The committee shall base its review on the existing monetary policy guidelines and the responsibility of Norges Bank for the management of the Government Pension Fund Global (GPFG).
Meld. St. 23 (2015-2016)
The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and theGovernment Pension Fund Norway (GPFN). The Funds are managed by Norges Bank and Folketrygdfondet,respectively, under mandates set by the Ministry of Finance.
The Norwegian economy is improving. Growth is being supported by expansionary eco-nomic policy. Confidence indicators point to-wards continued growth. Both households and businesses are more optimistic about the future, and registered unemployment is falling in a ma-jority of Norway’s counties. Nonetheless, eco-nomic growth has been moderate thus far. Unem-ployment based on Statistics Norway’s labour force survey has risen, and employment growth has not kept up with population growth. However, the risk of a serious downturn in the Norwegian economy appears to be lower than last winter and spring.