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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments, Financials

Norway Digs Deeper Into $860 Billion Fund Amid Refugee Costs

Posted on 02 November 2015

Just three weeks after announcing it will dip into its massive $860 billion piggy bank for the first time, the Norwegian government is at it again. The government will use 209 billion kroner ($24 billion) of its oil revenue in its budget next year, up from the 207.8 billion it planned to spend in its initial proposal released Oct. 7. It’s also scaling back planned income tax cuts and a reduction to its wealth levy to cover 9.5 billion kroner in extra costs from an expected inflow of about 33,000 refugees next year.
“In September Norway received a larger number of asylum-seekers than in the entire first half of the year, giving rise to practical and economic challenges,” Finance Minister Siv Jensen said in a statement………………………………………..Full Article: Source


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