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Norwegian Prime Minister Erna Soberg is ready to start controlling oil spending
after the government began to put money back into sovereign wealth funds again, Bloomberg reported on August 14.
The Norwegian government deposited
its wealth fund for the first time since late 2015.
Now that the economy is fully recovering and the labour market is tightening, a reduction in fiscal stimulus is a priority in next year's budget, the prime minister said
in an interview in Arendal on Norway's southern coast.
"This is crucial
for tangible things in the economy," Soberg said.
"We make sure people are employed, we make sure the challenges facing Norwegian people are minimised – it's important now that we can show that we have also managed to reduce the use
of oil money.
"
Norway's center-right government said in May it planned to put 22.
5 billion kroner ($27 billion) of oil wealth into the economy this year, with 21 billion crowns expected to be pulled
out of the wealth fund.
With the economy strengthening and government revenues in the oil and gas industry improving along with crude oil prices, the government now needs to ensure that the recovery is not hampered
by a shortage of workers in certain industries.
The government will announce next year's budget
on October 8.
Norwegian Prime Minister Erna Soberg is ready to start controlling oil spending
after the government began to put money back into sovereign wealth funds again, Bloomberg reported on August 14.
The Norwegian government deposited
its wealth fund for the first time since late 2015.
Now that the economy is fully recovering and the labour market is tightening, a reduction in fiscal stimulus is a priority in next year's budget, the prime minister said
in an interview in Arendal on Norway's southern coast.
"This is crucial
for tangible things in the economy," Soberg said.
"We make sure people are employed, we make sure the challenges facing Norwegian people are minimised – it's important now that we can show that we have also managed to reduce the use
of oil money.
"
Norway's center-right government said in May it planned to put 22.
5 billion kroner ($27 billion) of oil wealth into the economy this year, with 21 billion crowns expected to be pulled
out of the wealth fund.
With the economy strengthening and government revenues in the oil and gas industry improving along with crude oil prices, the government now needs to ensure that the recovery is not hampered
by a shortage of workers in certain industries.
The government will announce next year's budget
on October 8.
