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How the Oil Fund is run matters more than who wins Norway’s election

The election is dominating headlines in Norway, but how its Oil Fund is governed matters far more than whether the left or right win.

Withdrawals from the fund financed a seventh of the public budget in 2016 and 2017. The running of the health, education and welfare systems will continue to be part-funded by the long-term return generated by the fund from its investment strategy. This in turn depends on how well the Fund is governed. Here, there is reason to worry, as the Fund underperforms most of its peers worldwide.