Norwegian government pledges to reduce use of oil money: “The economy is recovering”

Jan Tore SannerPhoto: Stian Lysberg Solum / NTB

The Norwegian economy is recovering, and the government wants to reduce the use of oil money.

Minister of Finance Jan Tore Sanner (H) and Prime Minister Erna Solberg stated that the Norwegian economy is recovering well as they entered the final negotiations on next year’s state budget on Wednesday. 

Figures presented by Statistics Norway (SSB) last week show that the economy is already back at the same level as before the pandemic.

Thus, it is time to bring the use of oil money below the limit. The rule states that a maximum of 3% of the Oil Fund’s value should be allocated to the annual government budget.

The 3% rule

“The rule dictates that you can spend more (money from the Oil Fund) in crises, but then you have to spend less in good times. And if you look at the eight years of our government, we have – overall – been below the guideline of 3%. By next year, my goal is for us to be below 3%,” Sanner said.

He believes it is important to be below the limit.

“It is about taking care of the money for future generations, but it is also about the Norwegian economy, which is now entering a boom, so it is important that we hold back on the use of oil money.”

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

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