It's called The Government Pension Fund Global (Statens pensjonsfond utland), aka Oil Fund (Oljefondet). As the name suggests, it's used to pay pensions. How d

It's called The Government Pension Fund Global (Statens pensjonsfond utland), aka Oil Fund (Oljefondet). As the name suggests, it's used to pay pensions. How do we spend our savings? https://www.nbim.no/en/about-us/about-the-fund/ https://www.nbim.no/en/about-us/about-the-fund/ >Each year, the Norwegian government can spend only a small part of the fund, but this still amounts to almost 20 percent of the government budget. >There is a broad political consensus on how the fund should be managed. The less we spend today, the better the position we will be in to deal with downturns and crises in the future. Budget surpluses are transferred to the fund, while deficits are covered with money from the fund. In other words, the authorities can spend more in hard times and less in good times. So that the fund benefits as many people as possible in the future too, politicians have agreed on a fiscal rule which ensures that we do not spend more than the expected return on the fund. On average, the government is to spend only the equivalent of the real return on the fund, which is estimated to be around 3 percent per year. In this way, oil revenue is phased only gradually into the economy. At the same time, only the return on the fund is spent, and not the fund’s capital.