With its economy weakening, Norway’s government made its first withdrawal from the country’s $826 billion sovereign wealth fund in January, Gazeta.ru news site of Russia reported citing Reuters news agency. 

A total of 6.7 billion Norwegian crowns ($780 million) had been extracted from this fund to pay for public spending.

Norway’s sovereign wealth fund was opened 20 years age, when the country deposited its first cash from its vast oil sector into this account.

Earlier, however, it was reported that the falling oil prices could force the Norwegian government to take money from its reserve fund.

Norway’s wealth fund—called the Government Pension Fund Global—is invested abroad in stocks, bonds and real estate, with the purpose of sharing the wealth from oil and gas production with future generations.