The Ministry of Finance confirms outlet in an email to Dagens Næringsliv.
Reduced income to the state due to the low oil price makes 2016 is expected to be the first year of withdrawal from the Fund.
Since the first deposit in 1996 was transferred near 3.500 billion to the fund, including deposits in the last two months of last year.
State Secretary Paal Bjørnestad (FRP) in the Ministry of Finance said the following in an email:
– As stated in the National budget for 2016 is the government’s net cash flow from petroleum activities likely to be lower than the non-oil budget deficit in 2016. Although the decline in oil prices has accelerated this point, it should come as no great surprise that oil revenues would gradually diminish and be lower than the fund’s returns and the use of funds of the budget.
the transfer to the oil fund has declined in recent years and totaled 46 billion in 2015, based on the Pension Fund’s report for the third quarter plus transfers in November and December . It is the lowest deposit since 1999.
With due money from the oil fund, the value of the Fund decreased by around 300 billion so far this year, due to falls in global equity markets.
the fund’s value was Thursday night Norwegian time just over 7.090 billion, according to the counter on the Pension Fund website.
(NTB)
No comments:
Post a Comment