by Dramelin 2:30 AM 0 comments

The 7.48 trillion Norwegian krone ($903 billion) fund ? the largest sovereign fund by assets under management - currently receives all of Norway`s oil and gas income and parliamentary approval would be required to ensure the changes are ratified. The world`s largest sovereign wealth fund will undergo the most drastic changes to its mandate in decades as it ratchets up investment risk and pulls back on the amount of oil money it can spend if the Norwegian government`s proposals are approved. "The government`s proposals will support a continued, responsible management of the considerable oil and gas resources," Solberg told reporters on Thursday. This change is being pushed forward alongside another which determines the amount of the fund that government can spend in its annual budgets. Last year marked the first year in its history that the government removed more money from the fund than the latter received from oil revenues due to the slump in the commodity`s price.