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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Fiscal policy shall be geared towards a gradual and sustainable increase in the use of petroleum revenues. Over time, the structural, non-oil budget deficit shall correspond to the real return on the Government Pension Fund Global, estimated at 4 per cent. This rule should not be used mechanically, however, and considerable emphasis should be placed on stabilising economic fluctuations.
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.
Report to the Storting:
– Norges Bank and Folketrygdfondet have managed the Government Pension Fund Global and the Government Pension Fund Norway, respectively, in a sound manner over time. We will build on that. In this report, the Government proposes new steps to further develop the investment strategy of the two funds, says the 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).
The Ministry of Finance has today decided to keep the level of the countercyclical capital buffer requirement for banks unchanged at 1 percent from 30 June 2015, in line with the quarterly advice from Norges Bank. In a separate letter, the Financial Supervisory Authority expressed the view that the requirement should be increased to 1.5 percent from 31 March 2016.
Meld. St. 21 (2014-2015)
The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The Funds are managed by Norges Bank and Folketrygdfondet, respectively, under mandates set by the Ministry of Finance.