MANAGING NATURAL RESOURCES – LESSONS FROM NORWAY
GOVERNOR ØYSTEIN OLSEN Maputo, 27 March 2019
From natural resources to financial wealth
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%
1997 2007 2017 2027
Government Pension Fund Global Continental shelf
The petroleum fund mechanism
3
Transfer
Non-oil revenues
Expenditures Statsbudsjettet Government Pension
Fund Global (GPFG)
Fiscal rule
Central government budget
Petroleum revenues
The Government Pension Fund Global – Governance model
Norwegian parliament
Ministry of Finance
Reporting of results and Delegation of
power and responsibilities
A large fund – NOK 8 256 billion 1
Cumulative. In billions of NOK
1) At 31 December 2018. 5
Sources: Ministry of Finance and Norges Bank
-2 000 0 2 000 4 000 6 000 8 000 10 000
1998 2002 2006 2010 2014 2018
Fund value
Non-oil budget deficit
Government´s net cash flow
Return
Krone exchange rate
Oil and gas revenues and government spending
Percent of mainland GDP. Projections for 2018-2050
-5 0 5 10 15 20 25
1970 1990 2010 2030 2050
Government
petroleum revenues Government spending of petroleum
revenues
Spending according to fiscal rule
MANAGING NATURAL RESOURCES – LESSONS FROM NORWAY
GOVERNOR ØYSTEIN OLSEN Maputo, 27 March 2019