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Norway government agrees budget deal with Socialists

© Reuters. FILE PHOTO: Norway’s incoming Prime Minister and Labour leader Jonas Gahr Stoere is pictured at a presentation of the incoming government’s policies, in Hurdal, Norway October 13, 2021. REUTERS/Victoria Klesty/File Photo

OSLO (Reuters) – Norway’s minority centre-left government clinched a deal with the opposition Socialist Left Party for next year’s fiscal spending, thus securing the budget’s passage in parliament, Prime Minister Jonas Gahr Stoere said on Monday.

Overall spending of cash from Norway’s sovereign wealth fund will not rise from the 322.4 billion Norwegian crowns ($35.6 billion) proposed in the government’s initial plan on Nov. 8, Finance Minister Trygve Slagsvold Vedum added.

Vedum had warned against an increase in spending from the wealth fund, arguing this could trigger a faster rise in interest rates and ultimately hurt the prospects of Norwegian companies.

($1 = 9.0468 Norwegian crowns)

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