News

Signing of a Tax Convention between Iceland and Japan

A Convention between Iceland and Japan for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (hereinafter, the Convention) was signed in Reykjavik on January 15, 2018, by H.E. Mr. Guðlaugur Þór Þórðarson, Minister for Foreign Affairs of Iceland and H. E. Mr. Yasuhiko Kitagawa, Ambassador of Japan to the Republic of Iceland.

Sýningaropnun í Nordatlantisk Hus i Odense

Í tilefni af aldarafmæli fullveldisins mun sýningin, Den islandske Tegnebog opna í Nordatlantisk Hus i Odense þann 24.janúar. Þar mun hið dýrmæta handrit Teiknibókin vera í forgrunni.

Pre-Accession Economic Programme 2012

Treasury reduces pension liabilities by ISK 19 bn

The Ministry of Finance and Economic Affairs confirmed today that an agreement had been reached with the Pension Fund for State Employees (LSR) concerning a transfer of ISK 19 bn in assets that were part of the failed financial institutions’ stability contributions. The transfer is based on an authorisation in the fiscal budget supplement for 2017, passed by Parliament on 30 December 2017.

New Icelandic law on Equal Pay Certification entered into force on January 1, 2018

A bill of law (amendments to the Gender Equality Act 10/2008 ) that was submitted by the Minister of Social Affairs and Equality and passed by the Parliament with vast majority on June 1, 2017 came into force on January 1, 2018.…

S&P affirms its sovereign credit ratings on the Republic of Iceland with a stable outlook

Today S&P Global Ratings affirms its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Iceland at 'A/A-1'.

2018 - Fiscal Budget Information

National Budget proposal for 2018

The National Budget proposal for 2018 will be submitted to Parliament today. Owing to the unusual circumstances, the proposal is published first on the Ministry of Finance and Economic Affairs website, as the time between presentation and Parliamentary discussion is so short.

Fiscal Policy Statement for the years 2018–2022

<p>The principal objective of the Fiscal Policy Statement is that a sizeable surplus will be maintained on public sector operations as a whole, i.e. including public corporations, over the period, or around 3% of GDP each year. Section A of Central and Local government, i.e.…

Treasury issues new Eurobond

<p>Today the Republic of Iceland has issued bonds in the amount of EUR 500 million, the equivalent of ISK 61.5 bn.&nbsp;</p>

Facts about Down syndrome and pre-natal screening in Iceland

The Icelandic Ministry of Welfare considers it urgent to present the following facts due to incorrect and misleading information which has repeatedly been spread abroad concerning the birth of children in Iceland with Down syndrome.…

Ráðherrafundur ÖSE í Vín, Austurríki, 7.-8. desember 2017.

Fitch Ratings upgrades Iceland to ‘A’; outlook is stable

<p>Fitch Ratings announced today that it had upgraded Iceland‘s long-term foreign and local-currency Issuer Default Ratings (IDRs) to ‘A’ from ‘A-’. The ratings outlook is stable.</p>

Ráðherrafundur ÖSE í Vín, Austurríki, 7.-8. desember 2017.

New Government Takes Office

<p>A new Icelandic government has taken office under the leadership of Katrín Jakobsdóttir. The Minister of Justice is Sigríður Á. Andersen, who also served as Minister in the previous government. Sigurður Ingi Jóhannsson will take over from Jón Gunnarsson as Minister of Transport and Local Government. </p>

Continues as Minister for Foreign Affairs

Gudlaugur Thor Thordarson is Minister for Foreign Affairs in the government of the Independence Party, Left Green Movement and the Progressive Party.

Medium Term Debt Management Strategy 2018-2022

New Icelandic Government takes office

A Government of the Left Green Movement, the Independence Party and the Progressive Party, took office today. The Government is headed by Mrs. Katrín Jakobsdóttir, chairman of the Left Green Movement, with eleven ministers; five from the Independence Party, three from the Left Green Movement and three from the Progressive Party.

Brexit and Iceland

On 25 November 2017 the Icelandic Ministry for Foreign Affairs published a report which explores the potential implications of the United Kingdom's departure from the European Economic Area for Iceland. The following contains a brief introduction and a summary of the report's key findings in English. The full report in Icelandic can be accessed&nbsp;&nbsp;here.

Treasury outcome for the first nine months of 2017

<p>The Treasury accounts for January-September 2017 are now available.</p>

Strong agreement at bilateral dialogue between Iceland and the United Kingdom

<p>Officials from the UK and Iceland discussed trade and economic relations, fisheries, cooperation in the field of international affairs and security, resource management and the environment, and Arctic affairs. </p>

The final report of the Nordic Welfare Watch

The final report of the Nordic Welfare Watch has been published. This is a report in the „TemaNord“ series, which is devoted to the outcome of working groups or projects organized by the Nordic Council of Ministers.

Minutes of the meeting of the Financial Stability Council on October 9 2017

<p>Meeting of the Financial Stability Council, held at the Ministry of Finance and Economic Affairs, 9 October 2017.</p>

Treasury buys back its own bonds for USD 31 million nominal value

<p>The Republic of Iceland has bought back, for cancellation, its own bonds in the nominal value of USD 31 million in the ICELAND 5.875% series maturing in 2022 (Reg S ISIN USX34650AA31 and 144A ISIN US451029AE22; Reg S CUSIP X34650AA3 and 144A CUSIP 451029AE2), from the Central Bank at a price of 113.29, the equivalent of ISK 3.8 bn.…

A report on the progress of plans to remove capital controls

<p>The Minister of Finance and Economic Affairs has, as provided for in Act No. 16/2013 of the Icelandic parliament Althingi, published a report on the progress of plans to remove capital controls. </p>

Iceland and Ireland co-chair the Missile Technology Control Regime

<p>The MTCR aims at limiting the proliferation of distribution technology, such as missiles for weapons of mass destruction.</p>

Diplomatic relations between Iceland and Cook Islands

<p>Guðlaugur Þór Þórðarson Minister for Foreign Affairs of Iceland, and Henry Puna, Prime Minister of Cook Islands, today signed a communique on the establishment of diplomatic relations between Iceland and Cook Islands, at a ceremony in Reykjavi</p>

Third meeting of the Financial Stability Council in 2017

<p>The third meeting of the Financial Stability Council in 2017 was held on Monday 9 October at the Ministry of Finance and Economic Affairs.</p>

Absentee voting abroad

<p>Voters who are not in Iceland on election day, may vote at any of Iceland's embassies or at the consulates.</p>

Restored honour vs. pardoning

<p>In the last few days there has been widespread misunderstanding in international media of the Icelandic term “uppreist æru” (restored honour).&nbsp;</p>

National Budget Proposal 2018

<p>The Fiscal Budget Proposal submitted to the Icelandic parliament <em>Althingi</em> today is consistent with the objectives of the five-year Fiscal Plan for 2018-2022, adopted by the Althingi last June.</p>

Sturla Sigurjonsson new Permanent Secretary of State

<p>The Minister for Foreign Affairs has appointed Ambassador Sturla Sigurjonsson as Permanent Secretary of State from 1 September 2017. Ambassador Stefan Haukur Johannesson, who was Permanent Secretary from 2014, will lead ongoing Brexit related assignments until he resumes duties abroad.</p>

Icelandic Economic Situation Overview - August 2017

Mutual interest in strengthening cooperation post Brexit

"There is mutual interest in further strengthening cooperation between Iceland and the UK after Brexit and we consider Britain as a highly important ally when it comes to free trade. Britain is now retaking control over its fisheries and we Icelanders are willing and able to share our experiences and knowledge in this important field."

Minutes of the Meeting of the Financial Stability Council on June 20, 2017.

<p>Meeting of the Financial Stability Council, held at the Ministry of Finance and Economic Affairs, 20 June 2017.</p>

Fitch upgrades Iceland to ‘A-' outlook is positive

<p>Fitch Ratings has upgraded Iceland‘s long-term foreign and local-currency Issuer Default Ratings (IDRs) to ‘A-' from ‘BBB+' with positive outlook. The main drivers behind the upgrade are reduced external vulnerability and improvements in government debt ratios, supported by robust growth.</p>

Standard &amp; Poor‘s affirms Iceland‘s Sovereign ratings at A/A-1 with a stable outlook

<p>In accordance with its publication schedule, on June 30 2017, S&amp;P Global Ratings affirmed its 'A/A-1' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Iceland.</p>

EFTA Ministerial meeting - Communiqué

<p>On 26 June 2017, the European Free Trade Association (EFTA) held its summer Ministerial meeting in Longyearbyen.</p>

Second&nbsp;meeting of the Financial Stability Council in 2017

<p>The second meeting of the Financial Stability Council in 2017 was held on Tuesday 20 June at the Ministry of Finance and Economic Affairs. </p>

Ministerial meeting of the Council of the Baltic Sea States concluded in Reykjavik

<p>The Ministerial marked the 25th anniversary of the CBSS and concluded Iceland ‘s presidency of the Council.</p>

Submarine surveillance exercise in Icelandic waters

<p>The exercise named Dynamic Mongoose 2017 draws on assets and personnel from nine NATO Allies; USA, Norway, France, Germany, United Kingdom, Denmark, Canada, Poland and the Netherlands. It is held from 23 June to July 6.</p>

Speech by the Prime Minister, Bjarni Benediktsson, 17 June 2017

<p>Fellow Icelanders: I would like to welcome you here today, on the anniversary of the Republic of Iceland, and wish you a happy holiday.&nbsp;&nbsp;Seventy-three years ago, in June of 1944, the year our Republic was founded, about 300 children were born in Iceland, and our average life expectancy was about 67 years.&nbsp;</p>

Government Accounts 2016

<p>The results of Government Accounts for 2016 have now been published and the accounts forwarded to the Althingi. The principal outcome of the 2016 Government Accounts is a revenue surplus of ISK 294.6 billion, compared to a surplus of ISK 20.0 billion for 2015.</p>

Presentation: Use of living marine resources in Iceland

<p>Presentation made by Dr. Grimur Valdimarsson Senior Advisor</p>

The hunt for Marine data in an imperfect World

<p>Presentation made by Dr. Grimur Valdimarsson</p>

Manchester terror attack - Prime Minister of Iceland expresses his condolences to the British Prime Minister

On behalf of the Government of Iceland I express my deepest condolences in the wake of the heinous attack that took place in Manchester last night .

Minutues of the Meeting of the Financial Stability Council on April 6 2017

<p>Meeting of the Financial Stability Council, held at the Ministry of Finance and Economic Affairs, 6 April 2017</p>

Annual report on foreign and international affairs - The most powerful tool we have to safeguard our interests

Today, Guðlaugur Þór Þórðarson, Minister for Foreign Affairs, presented his annual report on Foreign and International Affairs to Parliament. In addition to providing an overview over foreign policy issues and events in the last 12 months, it lays down detailed, forward-looking foreign policy objectives.

The most powerful tool we have to safeguard our interests

Today, Guðlaugur Þór Þórðarson, Minister for Foreign Affairs, presented his annual report on Foreign and International Affairs to Parliament. In addition to providing an overview over foreign policy issues and events in the last 12 months, it lays down detailed, forward-looking foreign policy objectives.

New payment system for health care

The 1st of May 2017 a new payment system for health care was introduced. The main goal is to increase equality between individuals, regardless of health status, and to reduce the burden of high expenses for health services through a simpler and more transparent system.