Ministry of Finance (Iceland)
Iceland's Ministry of Finance is responsible for overseeing Iceland's finances. They are also the center for innovation regarding government operations.
Goals of the Ministry
The Ministry's main goals are:
- Stable economy and a good standard of living
- Long-term treasury equilibrium
- An economical and efficient tax enviornment
- Responsible and performance oriented management of state finances
- Transparent government operations and an effective organisational structure
- State of staff of the highest quality
- Delivery of a reliable service with the emphasis on professional work
Departments
There are six departments of the Ministry of Finance. Each is headed by a director-general.
Administration Department
The Administration Department is responsible for general Ministry operations, government budget preparation, supervision of the Ministry's institutions, and information services. It is headed by Haraldur Sverrisson.
Budget Department
Olafur Hjalmarsson is the head of the Budget Department. This department's main job is to provide the fiscal budget. In addition the Budget Department provides the supplementary budget and the government accounts bill.
Economic Department
The Economic Department is in charge of economic studies in Iceland. This involves surveying the economic situation and its prospects, and forcasting economic models. Also, the Economic Department is responsible for providing the revenue forcast for the fiscal budget. Thorsteinn Thorgeirsson is the director-general for this department.
Financial Management Department
This department ensures that the proposed budget is carried out. The Financial Management Department is also in charge of regulating the Treasury fund. The director-general of this department is Thorhallur Arason.
Personnel Policy Department
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
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.
Current Minister
Árni M. Mathiesen is the current Minister of Finance. He is married to Steinunn Kristín Friðjónsdóttir. His father, Matthías Á. Mathiesen, was a cabinet member.
Education
Árni graduated from Flensborgarskóli with a university entrance diploma in 1978. He then went on to study veterinary medicine at the University of Edinburgh, and he qualified to be a veterinarian in 1983. After completing his schooling he worked as a veterinarian, mainly in fish diseases, until 1995.
Organizations
Between 1977 and 1978 Árni was the chairman of the Flensborgarskóli student association. He was vice-president of SUS, an association for young conservatives in Hafnarfjörður between 1986 and 1988. He was a member of the Board of the Guarantee Division of Aquaculture Loans 1990-94, and a member of the Board of the Icelandic Veterinary Association 1986-87. He was also on the salary council of the Confederation of University Graduates 1985-87.
Previous government experience
In addition to the organizations that Árni was a part of, he was also an Icelandic representative on the Nordic Council 1991-95. Árni was elected to Parliament on behalf of the Independence Party in 1991. He was then the youngest member of Parliament at the age of 33. Árni was Minister of Fisheries from 1999 to 2005 when he became Minister of Finance.