Chance of Splitting Norway’s Sovereign Fund Increases as Conservatives Win
A political center-right coalition was formed as voters made their choices at the polls in Norway’s 2013 parliamentary elections. The Conservative Party leader Erna Solberg replaces Labor Prime Minister Jens Stoltenberg – an ideological shift in the minds of the Norwegian electorate. This begs the question on the future of Norway’s sovereign wealth fund: will rhetoric turn into action?
During the vigorous campaign season, the Conservative Party and the populist Progress Party hinted on possibly splitting up Norway’s Government Pension Fund Global (GPFG). The Populist Party is keen on cutting the sovereign wealth fund into three parts. White papers were issued by various think tanks – informing and persuading policymakers and voters.
Taking a step back, the GPFG is essentially a massive savings fund that funds a portion of Norway’s fiscal budget. At the moment, the Norwegian government can use 4% of the sovereign wealth fund’s value to fund the budget each year.
Did you know the GPFG owns more than 1% of all global stocks?
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