Norway’s central bank governor stepped up his warning on excessive use of the nation’s oil income as he predicted the government may need to withdraw almost $10 billion from its massive wealth fund this year.
“The fall in oil prices will reduce Norway’s national wealth,” Norges Bank Governor Oeystein Olsen said Thursday in his annual speech in Oslo. With the $810 billion fund’s era of growth behind it and returns ahead uncertain amid a slowing global economy, “increased spending is not a viable path to follow.”..............................................Full Article: Source
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