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29. Jun 2021Ministry of Finance and Economic Affairs, Economic affairs and public finances

Treasury outcome affected by the pandemic

The results of the Government accounts for 2020 have now been published and the accounts sent to Parliament. According to the accounts, the outcome was negative by ISK 144bn, as compared with a surplus of ISK 42bn in 2019. Revenues totalled ISK 802bn and operating expenditures ISK 990bn. Net financial expense totalled ISK -46bn, and the share in earnings of Government-owned companies was ISK 90bn. In spring 2020, all of the key premises for economic and fiscal planning were shattered because of the COVID-19 pandemic. By that time, the economic expansion accompanying the rapid growth of tourism had already begun to ease. Tourist numbers had fallen, partly because of airline WOW Air’s reduced operations and subsequent collapse.…

20. Apr 2021Ministry of Finance and Economic Affairs, Ministry of Health, Ministry of Justice, Ministry of Infrastructure, Prime Ministers Office, Life and Health, Transport and Telecommunications, Covid-19, Tourism, Ministry for Foreign Affairs

COVID-19: Temporary introduction of stricter border measures

The Government of Iceland has announced temporary border measures to counter the domestic spread of COVID-19. These measures aim to create conditions to allow lifting domestic restrictions as much as possible. The vaccination programme in Iceland is continuing at pace, and as more people become vaccinated, conditions for easing restrictions will become more favourable, both within society and at the border.

22. Mar 2021Economic affairs and public finances, Ministry of Finance and Economic Affairs

Fiscal plan 2022-2026: The right measures delivered progress and a positive outlook

The Government’s measures in response to the global COVID-19 pandemic have been highly successful, and the medium-term outlook is more favourable than was assumed last year. Households’ disposable income increased in 2020, and the contraction turned out considerably less than previously estimated. These are the main elements of the fiscal plan for 2022-2026, introduced today.

20. Nov 2020Covid-19, Economic affairs and public finances, Ministry of Social Affairs and Housing, Ministry of Infrastructure, Prime Ministers Office, Ministry of Finance and Economic Affairs

Resilience: strengthening Iceland’s foothold – Resilience subsidies and support for job-seekers, old-age pensioners, families with children, and vulnerable groups

The Government has decided to pay a special supplement over and above basic unemployment benefits next year, so as to support the large group of people whose income-linked unemployment benefits will expire in the next few months. The 2.5% supplement will be paid in addition to the 3.6% increase provided for in the 2021 fiscal budget proposal. With these increases, which total 6.2%, basic unemployment benefits will equal ISK 307,403 per month.

27. Oct 2020Ministry of Industries, Ministry of Justice, Business and Industry, Foreign Nationals, Science Research and Innovation, Covid-19, Ministry of Finance and Economic Affairs

Icelandic measures for remote workers put in place

The Minister of Tourism, Industry, and Innovation, the Minister of Justice and the Minister of Finance and Economic Affairs have put in place measures to enable non-EEA foreign nationals to reside in Iceland for up to six months and telework for foreign companies. With the measure, those foreign citizens, who are exempt from the visa requirements, will be allowed to apply for a long-term visa in Iceland for teleworkers and bring their families without having to move their legal domicile to the country or obtain Icelandic ID numbers.

01. Oct 2020Economic affairs and public finances, Ministry of Finance and Economic Affairs

Mitigating measures protect living standards and boost resilience

The Government will continue to use fiscal policy as a powerful tool to protect jobs and provide resilience. According to the fiscal budget proposal for 2021, introduced before Parliament today alongside the fiscal plan for 2021-2025, the impact of the COVID-19 pandemic on the Treasury is estimated to be negative in the amount of ISK 192bn next year. Taxes will be a total of ISK 52bn lower in 2021 than they would have been without the decisions taken by the Government during the current electoral term.

09. Jul 2020Ministry of Finance and Economic Affairs

Treasury outcome for 2019 positive by ISK 42bn

The results of the Government accounts for 2019 have now been published and the accounts sent to Parliament. According to the accounts, the outcome was positive by ISK 42bn, as compared with a surplus of ISK 84bn in 2018. Revenues totalled ISK 838bn and operating expenditures ISK 818bn. Net financial expense was negative in the amount of ISK 57bn, and the share in earnings of Government-owned companies was positive by ISK 78bn.

23. Jun 2020Climate Change, Environment Climate and Nature Protection, Ministry of Justice, Ministry of Infrastructure, Prime Ministers Office, Ministry of Finance and Economic Affairs, Ministry for Foreign Affairs, Ministry of Education and Children, Ministry of the Environment٫ Energy and Climate

New Climate Action Plan - Iceland will fulfil its commitments and more

Prime Minister Katrín Jakobsdóttir, Minister of the Environment and Natural Resources Guðmundur Ingi Guðbrandsson, Minister of Finance Bjarni Benediktsson and Minister of Transport and Local Government Sigurður Ingi Jóhannsson presented the second version of the Climate Action Plan today.

15. May 2020Economic affairs and public finances, Ministry of Finance and Economic Affairs

S&P Global Ratings Affirms Iceland´s ratings at 'A/A-1'; Outlook Remains Stable

International rating agency S&P Global Ratings has affirmed Iceland’s sovereign ratings at A/A-1 with a stable outlook. The rating agency assumes that Iceland´s economy will contract by 7.5% in 2020, reflecting Covid-19´s significant blow to the tourism sector. Iceland´s modest net general government debt enables a comfortable response to the Covid-19 fallout and economic downturn.

28. Apr 2020Ministry of Justice, Ministry of Social Affairs and Housing, Prime Ministers Office, Covid-19, Ministry of Finance and Economic Affairs

Government of Iceland announces increased support for companies and extension of part-time unemployment benefits

Icelandic companies that have suffered substantial revenue losses due to the COVID-19 crisis will be given the opportunity to apply for government support to pay a portion of salary costs during the employee notice period, protecting workers’ rights and preventing a wave of corporate insolvencies.

21. Mar 2020Ministry of Finance and Economic Affairs, Ministry of Infrastructure, Prime Ministers Office, Ministry for Foreign Affairs, Covid-19

Icelandic Government announces 1.6bn USD response package to the COVID-19 crisis

Prime Minister Katrín Jakobsdóttir, Bjarni Benediktsson, Minister of Finance and Economy and Sigurður Ingi Jóhannsson, Minister of Transport and Local Government today announced the first-phase response measures to mitigate the effects of the COVID-19 pandemic. The package is equivalent to ISK 230 bn (USD 1.6 bn) or just under 8% of Icelandic GDP.

17. Mar 2020Ministry of Finance and Economic Affairs, Economic affairs and public finances

Regarding issuance of Government securities

In view of recent events relating to the COVID–19 pandemic, it is foreseeable that the Treasury’s financing need will increase markedly from previous forecasts. The economic outlook for coming months is highly uncertain, and it is therefore difficult to estimate the Treasury’s borrowing need for the current year. It is also uncertain how much of that need will be for short-term borrowing and how much for long-term borrowing.

30. Dec 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Medium-Term Debt Management Strategy for 2020-2024

The Ministry of Finance and Economic Affairs has published Medium-Term Debt Management Strategy for the period 2020-2024. The MTDMS is presented on the basis of the fiscal plan, in accordance with Article 38 of the Act on Public Finances, no. 123/2015, and is to be presented annually.The Medium-Term Debt Management Strategy is presented over a horizon of five years and is based on the previous strategy, issued in December 2018.

20. Dec 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Fourth meeting of the Financial Stability Council in 2019

The Financial Stability Council held its fourth meeting in 2019 on Tuesday, December 17. This was the last meeting of the Financial Stability Council in its current form as, from the 1st of January 2020, the regular tasks and the role of the Financial Stability Council will change with the merger of the Central Bank of Iceland and the Financial Supervisory Authority.