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Norway to Tamp Down on Oil Spending After Wealth Fund Deposits


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Norway to Tamp Down on Oil Spending After Wealth Fund Deposits

Business

Category: Financial / Investment

Norwegian Prime Minister Erna Solberg is ready to start reining in oil spending after the government began putting money back into the sovereign wealth fund again.

The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.

“It’s the tangible things in the economy that matter,” Solberg said. “We ensured that people were employed, and we made sure that the challenges were minimized for people in Norway — now it is important that we’re able to show that we have also managed to scale down the use of oil money.”

Source: Bloomberg

Published: July 2, 2022