Norway to raise spending from wealth fund to aid Ukraine, PM says By Reuters
Economy 23 minutes ago (Feb 02, 2023 04:56AM ET)
(C) Reuters. FILE PHOTO: Norway’s Prime Minister Jonas Gahr Stoere visits Equinor’s LNG facility, in Melkoeya, outside Hammerfest, Norway January 31, 2023. Ole Berg-Rusten/NTB via REUTERS
OSLO (Reuters) – Norway will increase the spending from its sovereign wealth fund in the coming years to fund military and civilian aid to Ukraine, Norwegian Prime Minister Jonas Gahr Stoere told parliament on Thursday.
The Nordic country’s $1.3 trillion wealth fund, one of the world’s largest investors, has seen a sharp rise in revenue inflows as the price of Norwegian oil and gas exports soared following Russia’s invasion of Ukraine.
The prime minister did not specify how much money Norway would spend on Ukraine aid, but said it would be a multi-year commitment.
“This will lead to a temporary increase in spending from the sovereign wealth fund,” Stoere said.
The extra spending should not impact the Norwegian domestic economy, avoiding any impact on interest rates, he added.
Norway to raise spending from wealth fund to aid Ukraine, PM says
Terms And Conditions
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.