Minister of Finance of Iceland

Iceland's Ministry of Finance is responsible for overseeing the finances of the Icelandic government. The ministry is also the center for innovation regarding government operations.

Current Minister of Finance

Árni M. Mathiesen is the Minister of Finance in Iceland. He became Finance Minister in September 2005 when his predecessor Mr. Geir H. Haarde became Foreign Minister. Upon the formation of the present government coalition in May 2007, Mr. Mathiesen was asked to continue in this post. He is married to Steinunn Kristín Friðjónsdóttir. His father, Matthías Á. Mathiesen, was also a cabinet member, including the Minister of Finance.

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.

Organization of the Ministry of Finance

The top civil servant in the Ministry of Finance is Mr. Baldur Gudlaugsson, who was appointed Permanent Secretary in 1999. 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

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 Mr. Angantyr Einarsson.

Budget Department

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. Mr. Nokkvi Bragason heads up this department.

Economic Department

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. Mr. Thorsteinn Thorgeirsson is the Director-General for this department.

Financial Management Department

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 Mr. 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. Mr. 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 Ms. Marianna Jonasdottir.

Goals of the Ministry

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

External links

*http://eng.fjarmalaraduneyti.is/minister/
*http://eng.fjarmalaraduneyti.is/ministry/departments/