Finance Minister to Save ISK 170 Billion in Three Years Skip to content

Finance Minister to Save ISK 170 Billion in Three Years

Minister of Finance Steingrímur J. Sigfússon said the government is planning to save ISK 20 billion (USD 161 million, EUR 115 million) for the remainder of this year and ISK 150 billion (USD 1.2 billion, EUR 860 million) between 2010 and 2013. A number of meetings were held at his ministry yesterday.

Finance Minister Steingrímur J. Sigfússon speaking at parliament. Photo by Páll Kjartansson.

Sigfússon also met with representatives of the employment market. At these meetings the economic situation was reviewed and a timeframe created.

The minister told Morgunbladid that the atmosphere had been good and that everyone was determined to help organize state finances so that the aforementioned amounts can be saved.

Sigfússon said the opposition in Iceland’s parliament and representatives of the local authorities will also be included in these discussions. In the end of this week the ministry will announce how the rationalization plan will be executed.

“In order to achieve this everyone has to work together. Everyone who has some sense of responsibility in the community,” commented managing director of the Confederation of Icelandic Employers (SA) Vilhjálmur Egilsson.

Last week Prime Minister Jóhanna Sigurdardóttir announced that the economic situation is Iceland is worse than previously expected.

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