GAPP Principle 4

There should be clear and publicly disclosed policies, rules, procedures, or arrangements in relation to the SWF’s general approach to funding, withdrawal, and spending operations.

• GAPP 4.1 Subprinciple The source of SWF funding should be publicly disclosed.
• GAPP 4.2 Subprinciple The general approach to withdrawals from the SWF and spending on behalf of the government should be publicly disclosed.

Status: Implemented

The Government Pension Fund Act legislates the funding of and withdrawal from the GPFG. The Fiscal Policy Framework is disclosed and explained in the publications related to the central government budgets and accounts. The rules support general government savings and long-term considerations in the spending of petroleum revenues. Data on funding and withdrawals are presented in the National Accounts, chapter three. This document is available in Norwegian only.

Furthermore, Norway is EITI (Extractive Industries Transparency Initiative) compliant, please refer to;

http://www.norskpetroleum.no/en/economy/transparency-eiti/

Sources: Government Pension Fund Act, GPFG mandate, Ministry of Finance’s website.