Ólafur was chairman and later President of Parliamentarians for Global Action (PGA) from 1984 to 1990, serving on their council until 1996. In 1986, he received the Indira Gandhi Prize on behalf of the PGA. From 1987 to 1995, he was Leader of the People's Alliance. During this time, he served as Minister of Finance from 1988 to 1991. As Minister of Finance, he "was subjected to the idea that the rating agencies were the golden judges of financial health." He was re-elected as a Member of Althing for Reykjanes from 1991 to 1996.
ólafur was chairman and later president of parliamentarians for global action (pga) from 1984 to 1990 serving on their council until 1996 in 1986 he received the indira gandhi prize on behalf of the pga from 1987 to 1995 he was leader of the people's alliance during this time he served as minister of finance from 1988 to 1991 as minister of finance he "was subjected to the idea that the rating agencies were the golden judges of financial health" he was re-elected as a member of althing for reykjanes from 1991 to 1996