Restructuring of Economic Fund announced by Ruth Vang in response to parliamentary questions

The restructuring of the Economic Fund does not require any changes to the law governing the fund. Additionally, transfers within the fund will now be more visible in the national budget.

This was stated by Ruth Vang, the Minister of Finance, in response to a question from Helgi Abrahamsen, a member of the parliament.

The revised structure and procedures mean that revenue from resource extraction will now be directly allocated to the main account for resource income under a category known as RLÚ I.

RLÚ I in the budget includes regular income, expenses, and legislation. Until now, all transfers between the budget and the Economic Fund were made under RLÚ II, which encompasses special income, including resource income from the fishing and aquaculture industries.

For many years, both the government and the Economic Council have acknowledged that the Economic Fund has not sufficiently fulfilled its intended function or received adequate attention within the political system, stated Ruth Vang.