Minister announces increase in national budget contributions from resource industries in Faroe Islands

The target for the amount transferred directly to the national budget from resource industries will increase by 200 million kroner next year. This announcement was made by Ruth Vang, the Minister of Finance, as part of the budget proposal for 2025, which she presented yesterday.

The proposal, now in the Parliament, aims to amend the law governing the National Economic Fund, increasing the contribution limits to the national treasury. Specifically, the contribution from the aquaculture industry will rise from 150 million to 250 million kroner, while the fisheries sector’s contribution will increase from 250 million to 350 million kroner.

This change means that 200 million kroner will be added to the national budget instead of being allocated to the Economic Fund. This amount, which would typically have been used for balancing the budget over seven years, will significantly enhance the financial outlook.

The Minister of Finance is scheduled to discuss these developments further in an upcoming radio segment. Tune in to the local station and kvf.fo at 10 a.m. for more details.