Norway Increases Ukraine Fiscal Support to 30 Billion Crowns

Norway will raise its fiscal support for Ukraine to 30 billion crowns in 2024, reversing a previous plan to reduce aid. The minority government seeks a broad coalition for support, while the opposition calls for 45 billion crowns by 2025. Rising energy revenues have bolstered Norway's economy.

Norway announced an increase in planned fiscal support for Ukraine in 2024 to 30 billion crowns, up from 27 billion crowns this year, reversing earlier cuts. Prime Minister Jonas Gahr Stoere made the announcement, aiming for broad coalition backing amid opposition criticism.

The Conservative Party calls for even greater support of 45 billion crowns in 2025, appealing to heightened aid amid rising tensions in Ukraine. The opposition is rallying for more substantial fiscal commitments, challenging the minority centre-left government's approach.

Norway's substantial income from oil and natural gas has surged after Russia's 2022 invasion of Ukraine, elevating energy prices and increasing the Norwegian sovereign wealth fund's size, aiding in the financial backing for assistance to Ukraine.

(With inputs from agencies.)