Norway is set to withdraw $41 billion from its sovereign wealth fund to cushion the blow to the economy from the coronavirus crisis that has resulted in falling oil prices and the highest unemployment in the country in 75 years.
Known officially as the Government Pension Fund, it is the world’s biggest wealth fund, worth over $1 trillion. The government announced on Tuesday that it will have to sharply increase spending from the fund, to avoid “sharper downturn and to help healthy companies through the crisis.”
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