| Norway said on Friday it had, for the first time, drawn out more cash from its huge sovereign wealth fund in January than it paid in, as the oil-rich nation grapples with plummeting crude prices." State oil revenues have fallen considerably, and for the first time in a long time have become less than the national budget deficit," state secretary for finance Paal Bjornestad said in an email to AFP.
The government withdrew in January a net 6.7 billion kroner (€713 million, $780 million) from the fund -- much more than the 4.9 billion kroner forecast last year by the right-wing government for the whole of 2016...............................................Full Article: Source
|