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1990

Norway’s Parliament passes a law to establish the Government Petroleum Fund. The plan is to regularly transfer capital from the government’s petroleum revenue to the fund. The fund’s purpose is to support the government’s long-term management of petroleum revenue.

The fund was set up to give the government room for manoeuvre in fiscal policy should oil prices drop or the mainland economy contract. 

It also served as a tool to manage the financial challenges of an ageing population and an expected drop in petroleum revenue. The fund was designed to be invested for the long term, but in a way that made it possible to draw on when required.