Risks Mount for World’s Biggest Wealth Fund
- Norway to withdraw $15 billion from sovereign wealth fund
- Cash needed to help fill an 8 percent budget shortfall
The headquarters of Norges Bank in Oslo, Norway.
Photographer: Krister Soerboe/BloombergThis article is for subscribers only.
Even Norway’s politicians are worried they might be taking too much money from their sovereign wealth fund.
The government on Thursday revealed plans to withdraw 121 billion kroner ($15 billion) from the $890 billion fund next year as part of an oil-fed spending bonanza that’s filling a budget hole that’s almost 8 percent of gross domestic product.