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

Norway eyes oil wealth to cover extra migrant costs

Posted on 02 November 2015

Norway will need to dip into its massive sovereign wealth fund and cut refugee benefits to pay for rising costs linked to the record influx of asylum seekers, the government said Friday, AFP reported. The government, which expects 33,000 asylum seekers in 2016 or roughly three times the annual number in recent years, estimated that the large number of migrants would cost it 9.5 billion kroner (one billion euros, $1.1 billion) more than it had forecast in its October 7 budget.
To finance the extra cost, the right-wing government — which includes the populist, anti-immigration Progress Party — proposed to withdraw 1.2 billion kroner from its public pension fund, which is the world’s largest sovereign wealth fund………………………………………..Full Article: Source


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