Ministry of Finance (Iceland)

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The Icelandic Ministry of Finance (Icelandic: Fjármálaráðuneytið) is responsible for overseeing the finances of the Icelandic government. The Minister for Finance and Economic Affairs is Bjarni Benediktsson.


From February 2009 to 2011 the Minister of Finance was Steingrímur J. Sigfússon of the Left-Green Movement. In 2011 Steingrímur took on the roles of Minister of Economic Affairs and Minister of Fisheries and Agriculture. Iceland elected a new government in April 2013.

Organization of the Ministry of Finance[edit]

The top civil servant in the Ministry of Finance is Baldur Gudlaugsson, who was appointed Permanent Secretary from November 1, 2000.[1] From February 6 to April 30, 2009, Indridi H. Thorlaksson is acting Permanent Secretary while Mr. Gudlaugsson is on leave.[2] He runs the ministry on a day-to-day basis and is the chief liaison between the Minister and the civil servants. There are six departments of the Ministry of Finance, each of which is headed by a Director-General. The Ministry staff numbers around 80 specialists and support personnel.

Administration Department[edit]

The Administration Department is responsible for general operations of the Ministry, preparation of the ministry's annual operational budget and supervision of the Ministry's information services. It is headed by Angantyr Einarsson since September 1, 2007.[3]

Budget Department[edit]

The Budget Department's main job is to oversee the production of the government's fiscal budget. In addition the Budget Department provides support for the supplementary budget and the government accounts bill. The Budget Office oversees relations with other Ministries and the Parliament concerning the preparation of the Treasury's budget. Nokkvi Bragason is in charge of this department since March 1, 2008.[4]

Economic Department[edit]

The Economic Department is in charge of economic studies in Iceland. This involves surveying the economic situation and its prospects, and forecasting economic trends based on macroeconomic models. The Economic Department is also responsible for providing the revenue forecast for the fiscal budget and performing research into tax and benefit systems. The department oversees the Treasury’s domestic and international cooperation concerning economic matters. Thorsteinn Thorgeirsson is Director-General for this department since January 1, 2005.[5]

Financial Management Department[edit]

The Financial Management Department manages the government's assets and the Treasury fund. This department also ensures the proposed budget is carried out as per legal requirements and that the executive branch is run efficiently. The Director-General of this department is Thorhallur Arason.

Personnel Policy Department[edit]

The main role of the Personnel Policy Department is to represent the Ministry in labor market matters and to present its views. The department also offers advice on the implementation and interpretation of laws, regulations, agreements and government decisions. The Wage Negotiations Committee of the government operates in close cooperation with the department. Gunnar Bjornsson is in charge of this department.

Taxation and Legal Affairs Department[edit]

The main task of the department is to deal with tax matters, to draft bills for the Althingi and interpret existing laws. It also conducts research into the impact of existing taxes and tax changes. The Director-General of this department is Marianna Jonasdottir.

National Tax Investigation Police[edit]

Goals of the Ministry[edit]

The Ministry's main goals are:

  • Economic stability and a high standard of living
  • A balanced treasury over the longer term
  • An economical and efficient tax environment
  • Responsible and performance oriented management of state finances
  • Transparent government operations and an effective organizational structure
  • State of staff of the highest quality
  • Delivery of a reliable service with the emphasis on professional work

Former Ministers of Finance[edit]

Kingdom of Iceland (1918–1942)[edit]

Republic of Iceland (1942 – present)[edit]


External links[edit]

Coordinates: 64°08′52″N 21°55′54″W / 64.14778°N 21.93167°W / 64.14778; -21.93167