07.10.2016 - Norway Raids More of Massive Wealth Fund to Support Recovery
Norway is ratcheting up withdrawals from its $890 billion sovereign wealth fund to support a recovery as it foresees a continued slump for the nation’s petroleum industry. The government is boosting oil wealth spending by 10 percent to 225.6 billion kroner ($28 billion) next year, according to the 2017 budget released in Oslo Thursday. It will withdraw 121.2 billion kroner from its wealth fund, up from 95.7 billion kroner this year. Still, as the economy is now showing signs of recovering, the stimulus to the economy will fade to 0.4 percentage point from the 1.1 percentage point impulse unleashed this year..........................................Full Article: Source
Print