Norway to Increase Spending from $2 Trillion Oil Fund
The Norwegian government plans to raise spending from its massive oil fund in the 2026 budget, relying on substantial petroleum revenues to finance its welfare state.
The Labor government, led by Jonas Gahr Støre, proposed to use $57 billion from the fund, the world's largest sovereign wealth fund, in next year's budget.
The government will need support from its junior partners in the coalition to pass the bill in Parliament.
- The 2026 budget proposal is part of the Labor party's draft budget.
- The party won a second term in office at the general elections last month.
Author's summary: Norway boosts oil fund spending.