Norway dipping into its massive piggy bank to battle Covid-19 crisis ...United Arab Emirates

Russia Today - Economy
Norway dipping into its massive piggy bank to battle Covid-19 crisis
source : Russia Today ( United Arab Emirates ) () 83
Norway is set to withdraw $41 billion from its sovereign wealth fund to cushion the blow to the economy from the coronavirus crisis that has resulted in falling oil prices and the highest unemployment in the country in 75 years. Known officially as the Government Pension Fund, it is the world’s biggest wealth fund, worth over $1 trillion. The government announced on Tuesday that it will have to sharply increase spending from the fund, to avoid “sharper downturn and to help healthy companies through the crisis.” According to the Finance Ministry’s mid-year fiscal review, the revised budget calls for the use of almost 420 billion Norwegi

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