07.10.2016 - Norway to spend more of oil wealth to aid economy
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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