Norway’s Finance Minister: The use of oil money during the corona crisis was absolutely necessary

Jan Tore SannerPhoto: Stian Lysberg Solum / NTB
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The use of oil money during the corona pandemic has been absolutely necessary, Minister of Finance Jan Tore Sanner (H) said on Tuesday.

“During the crisis, strong economic measures have been necessary. We spent a lot of oil money in 2020, and we will do it again in 2021. It has been absolutely necessary,” Sanner said during a press conference before the government’s budget conference on Hurdalssjøen on Tuesday morning.

Sanner also said that when the measures are eventually reduced, the use of the oil money will also be reduced.

“The rule of thumb says that you can spend more in bad times provided that you spend less in good times, and we have done that. 

“Overall, during our time in government, we have spent less oil money, also including these two years,” he said.

The Minister of Finance also expressed concern that house prices throughout the country, and especially in Oslo, have risen over the past year.

“We know from experience that high growth in house prices can also lead to high debt, and we must avoid financial imbalances building up on the way out of the crisis,” Sanner emphasized at a press conference before the budget negotiations started at the Hurdalssjøen hotel on Tuesday.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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