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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration, Reserve Currencies

Norway says made first withdrawal from oil fund in January

Posted on 04 March 2016

With its economy weakening, Norway’s government made its first withdrawal from the country’s $826 billion sovereign wealth fund in January, 20 years after first depositing cash from its vast oil sector into the account, the finance ministry said.
The finance ministry did not confirm details of the withdrawal, but newspaper Dagens Naeringsliv said 6.7 billion Norwegian crowns ($780 million) had been extracted to pay for public spending. The government, led by Prime Minister Erna Solberg of the Conservatives and Finance Minister Siv Jensen of the smaller Progress Party, had flagged in its October budget that it might make the first withdrawal from the rainy-day fund this year………………………………………..Full Article: Source


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