Norway's new government plans wealth fund spending identical to predecessor

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Norway’s Minister of Finance Trygve Magnus Slagsvold Vedum (Centre Party), Minister of Labor and Social Inclusion Hadia Tajik (Labor Party), Minister of Research and Higher Education Ola Borten Moe (Social Democrats), Minister of Fisheries and Maritime Affairs Bjornar Skjaeran (Labor Party), Minister for Development Aid Anne Beathe Kristiansen Tvinnereim (Social Democrats), Minister for Climate and Environmental Protection Espen Barth Eide (Labor Party), Minister for Children and Families Kjersti Toppe (Centre Party), Minister for Local Government Bjorn Arild Gram (Centre Party), Minister for Transport Jon-Ivar Nygaard (Labor Party), Minister of Petroleum and Energy Marte Mjos Persen (Labor Party), Minister of Culture and Gender Equality Anette Trettebergstuen (Labor Party), Minister of Trade and Industry Jan Christian Vestre (Labor Party), Minister of Education Tonje Brenna (Labor Party), Minister of Justice Emilie Enger Mehl (Centre Party), Minister of Defense Odd Roger Enoksen (Centre Party ), Minister of Health and Care Services Ingvild Kjerkol (Labor Party), Minister of Agriculture and Food Sandra Borch (Centre Party) and Foreign Minister Anniken Scharning Huitfeldt (Labor Party) pose with Prime Minister Jonas Gahr Store in front of the Royal Palace, after the change of government, in Oslo, Norway, October 14, 2021. Ole Berg-Rusten/NTB via REUTERS

OSLO, Nov 8 (Reuters) – Norway’s new centre-left government said on Monday in aims to spend an identical amount of money from the country’s $1.4 trillion sovereign wealth fund in 2022 compared to a plan proposed by the recently departed Conservative-led cabinet.

A minority coalition of Labour and the Centre Party took office in mid-October after winning national elections, pledging tax relief for low- and middle-income families and higher taxes for the rich.

The new government proposed spending 322.4 billion Norwegian crowns ($37.6 billion) of the wealth fund’s cash next year, exactly in line with the amount suggested by the previous cabinet.

Both the current and the former government agreed that spending from the fund should decline in 2022 from the estimated 406.8 billion planned for this year as economic activity rebounds from the COVID-19 pandemic.

($1 = 8.5649 Norwegian crowns)

Reporting by Terje Solsvik, editing by Gwladys Fouche

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