Warning of Decline in Norway’s Wealth Fund
Norway’s central bank chief has warned on the increasing spendings of the oil revenue as he forsee a 50% loss of capital over the next 10 years for Norway’s sovereign wealth fund. The rise in oil cash spending which attributes to 20% of the budget and 8% of gross domestic product will need to be halted to protect the fund.
“Norway’s central bank chief has warned on the increasing spendings of the oil revenue as he forsee a 50% loss of capital over the next 10 years for Norway’s sovereign wealth fund.”
Norway was forced to use the oil fund for the first time to cover budget needs, protect the economy due to a plunge in the oil prices.
Related Reports: Bloomberg
About Government Pension Fund of Norway
The Government Pension Fund Global was set up in 1990 to underpin long-term considerations when phasing petroleum revenues into the Norwegian economy. Norges Bank Investment Management manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others Norges Bank Investment Management and discussions in Parliament. The management mandate defines the investment universe and the fund’s strategic reference index.
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