Norway's Gjedrem on petroleum wealth

In the speech 'The management of petroleum wealth' given on 8 November Svein Gjedrem of Norges Bank said the Petroleum Fund is a very long-term savings plan.

"The notion of a fund arose in the early 1980s, and the Fund was adopted in 1990 before the government had received any positive net cash flow from petroleum activities. Up to 1995, government investments in petroleum activities were so large that all the revenues were used for investment and to cover budget deficits during the recession

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