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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

Norway to spend more of oil wealth to aid economy

Posted on 07 October 2016

Norway’s government said on Thursday it will spend a bigger chunk of its saved-up oil wealth next year to help the economy withstand the damage wrought by persistently low crude prices. The Nordic country’s finance ministry said it would deploy 3% of the value of its sovereign wealth fund next year, up from 2.8% this year.
That translates into NOK225.6 billion ($28.1 billion) of oil money going toward government expenditure next year. The value of the oil fund, also known as the Government Pension Fund Global, is expected to rise to NOK7.67 trillion by the end of next year from NOK7.42 trillion at the end of this year, the finance ministry said……………………………………Full Article: Source


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