Concluding statement of the IMF mission 2006
Historical archive
Published under: Stoltenberg's 2nd Government
Publisher: Ministry of Finance
Press release | Date: 12/06/2006 | Last updated: 11/11/2006
An IMF mission team presents today its concluding statement on the Norwegian economy to the Ministry of Finance.
Press release
No.: 49/2006
Date: 12.06.2006
Contacts: Anders Lande, telephone +47 22 24 41 05 / mobile +47 48 05 33 51, Runar Malkenes, telephone +47 22 24 41 09 / mobile +47 95 21 42 83
Concluding Statement of the IMF mission
An IMF mission team presented today its concluding statement on the Norwegian economy to the Ministry of Finance.
According to the statement Norway is enjoying a period of enviable prosperity, underpinned by a strong macroeconomic policy framework at home and favorable developments abroad. The near term outlook is bright, but changes in the world economy or oil prices could change the outlook.
According to the IMF, adhering to the fiscal framework is key for continued balanced economic growth in the future. The IMF urges Norway to be on the 4 percent rule of the Government Pension Fund- Global (GPF) in the 2007 Budget. Thereafter, conditional that oil prices remain high and the upward pressure on the Norwegian economy continues, the IMF advices to keep the deficit below the 4 percent rule.
A pension reform is vital for the long run sustainability of public finances. The IMF welcomes a prompt implementation of the Parliamentarian agreement in May 2005 on pension reforms.
The IMF assesses that monetary policy has been appropriate and that the financial system seems to be in a good shape.
In a comment, State Secretary Geir Axelsen says that IMF in this report generally supports the government’s economic policy, and that these reports add value to the economic and political debate in Norway.