Norway Raises Spending from Oil Fund to $44B in 2020

Norway's government has further raised its projected 2020 spending from the country's sovereign wealth fund to 424.6 billion Norwegian crowns ($43.67 billion) from 419.6 billion seen on May 12, it said on Friday.

The so-called structural non-oil deficit corresponds to 4.2% of the fund's Jan. 1 value, making use of a provision in Norway's fiscal framework that allows withdrawals to exceed a 3% cap to counteract economic setbacks.

Before the coronavirus outbreak the government had planned to spend 243.6 billion crowns from the fund.

 ($1 = 9.7240 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)