Finance minister to tighten purse strings / News / The Foreigner

Finance minister to tighten purse strings. “The state must get its growing costs under control,” says Johnsen. Sigbjørn Johnsen, Labour’s (Ap) Minister of Finance, has warned of tougher times ahead. The Department of Finance has expressed concern about the amount of return used from the Oil Fund (the State Petroleum Fund). With Norway on the upside of the global financial recession, Johnsen wants it back to its so-called fiscal rule of four percent.  

sigbjoern, johnsen, finance, minister, labour, party, ap, budget, costs, state



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Finance minister to tighten purse strings

Published on Thursday, 11th March, 2010 at 14:10 under the news category, by Michael Sandelson   .

“The state must get its growing costs under control,” says Johnsen.

Sigbjørn Johnsen, Minister of Finance
Sigbjørn Johnsen, Minister of Finance
Photo: Arbeiderpartiet/Flickr


Sigbjørn Johnsen, Labour’s (Ap) Minister of Finance, has warned of tougher times ahead.

The Department of Finance has expressed concern about the amount of return used from the Oil Fund (the State Petroleum Fund). With Norway on the upside of the global financial recession, Johnsen wants it back to its so-called fiscal rule of four percent.  

He tells NRK the rising level of state costs have to be reigned in, saying it’s important for two reasons.

“The first is with regard to industry vulnerable to competition, and that we don’t get a distinctly Norwegian interest rate that differs extremely to those abroad. The second is out of consideration to financing welfare long-term,” he says.

Johnsen’s statements are in line with the OECD’s request two days ago for Norway to adopt a tighter economic policy, and come three days prior to the government’s annual budget conference in Hadeland in Oppland municipality.

“The point here is that we return to the fiscal rule, and time will tell how quickly we manage this. We’re going to begin the job in full in the budget for 2011.”



Published on Thursday, 11th March, 2010 at 14:10 under the news category, by Michael Sandelson   .

This post has the following tags: sigbjoern, johnsen, finance, minister, labour, party, ap, budget, costs, state.





  
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