"Due to the War in Ukraine": The Welfare Fund of Norway spent $ 164 billion a year

The Norwegian Welfare Fund, which was founded 25 years ago, for the second time in its history suffered great losses in the year. The Norwegian State Fund of the National Welfare, whose total capital is $ 1. 3 trillion, lost 14% of money or $ 164 billion last year. This was stated by the Fund's management, Bloomberg reports. The Fund's losses in 2022 became the largest global crisis since 2008.

The management of the Fund stated that the cause of losses was world inflation and Russian aggression against Ukraine. The Fund was founded in the 1990s to invest funds for the country's oil wealth. The structure has a long -term investment horizon, which has reached an average profitability of 6% for 25 years. All background funds are inverted by the mandate from the country's Ministry of Finance.

Last year, the government has invested $ 110 billion in the Fund, despite the record losses, the cost of the Fund in total increased by 89 billion crowns or $ 8. 9 billion in the annual dimension partially due to the weak Norwegian currency and a record inflow of oil and gas income in the amount of 1. 1 trillion circles. We will remind, earlier Focus informed that on January 24, the Norwegian media reported that the country could transfer to Ukraine up to 8 German tanks Leopard 2 A5.