OSLO (Reuters) – Norway will increase the spending from its sovereign wealth fund in the approaching years to fund military and civilian aid to Ukraine, Norwegian Prime Minister Jonas Gahr Stoere told parliament on Thursday.
The Nordic country’s $1.3 trillion wealth fund, one in every of the world’s largest investors, has seen a pointy rise in revenue inflows as the value of Norwegian oil and gas exports soared following Russia’s invasion of Ukraine.
The prime minister didn’t specify how much money Norway would spend on Ukraine aid, but said it could be a multi-year commitment.
“This can result in a short lived increase in spending from the sovereign wealth fund,” Stoere said.
The additional spending mustn’t impact the Norwegian domestic economy, avoiding any impact on rates of interest, he added.
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(Reporting by Terje Solsvik, editing by Nora Buli)
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