Sovereign Wealth Fund spending grows / News / The Foreigner

Sovereign Wealth Fund spending grows. The revised draft national budget proposal takes another NOK 10bn+ out of the Government Pension Fund Global (GPFG). “Lower demand from the petroleum sector has dampened growth and increased unemployment. in Norway’s southern and western regions. The government proposes new targeted policies to boost employment in the most affected regions,” says Minister of Finance Siv Jensen in a statement. The government’s budget move also comes at a time of record-low interest rates from Norges Bank, and a sharp depreciation in the krone.

budget, oilfund, unemployment, paywall



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Sovereign Wealth Fund spending grows

Published on Wednesday, 11th May, 2016 at 12:38 under the news category, by Michael Sandelson   .

The revised draft national budget proposal takes another NOK 10bn+ out of the Government Pension Fund Global (GPFG).

An oil tanker (illustration photo)
An oil tanker (illustration photo)
Photo: Kristopher Edwin/Flickr


“Lower demand from the petroleum sector has dampened growth and increased unemployment. in Norway’s southern and western regions. The government proposes new targeted policies to boost employment in the most affected regions,” says Minister of Finance Siv Jensen in a statement.

The government’s budget move also comes at a time of record-low interest rates from Norges Bank, and a sharp depreciation in the krone.

And although the mainland GDP is expected to grow during this year, it will be at a slower pace than originally forecast in October 2015.

Ministry of Finance officials propose, Wednesday, spending NOK 205.6bn from the GPFG. It was NOK 195.2bn when the government laid forth last year’s budget figures.

“The situation is serious for those who have either lost or who experience increased uncertainty about their job,” Finance Minister Jensen states. “At the same time, many Norwegian businesses are doing well and employment is increasing in many parts of the country.”

Key points contained in the revised draft national budget proposal:

  • NOK 900m+ will be allocated towards several targeted measures in southern and western Norway
  • Of this: NOK 250m is to be spent on municipal road maintenance and repair in these regions. The money will go to municipalities with a higher than average unemployment rate
  • Road and railway maintenance, renewal, and investment measures in Southern and Western Norway
  • NOK 50m will be allocated towards the upkeep of health services (Western, South-Eastern, and Mid- Norway Regional Health Authorities)
  • NOK 65m for environmentally-friendly shipping measures
  • 1,000 additional government-funded jobs for unemployed persons (second half of 2016)

NOK 1.3bn will be allocated towards immigration and integration in addition to above sum.

According to the government, this is due to “faster than expected settlement of refugees.”



Published on Wednesday, 11th May, 2016 at 12:38 under the news category, by Michael Sandelson   .

This post has the following tags: budget, oilfund, unemployment, paywall.





  
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