For the first time in its history, the world’s biggest sovereign wealth fund will have to liquidate assets to cover withdrawals by Norway’s government, Bloomberg reported.

"Norges Bank Governor Oystein Olsen, who oversees his country’s $1 trillionpiggy bank, says the mechanism provides “room to maneuver” through the worst economic crisis since World War II," the source noted.

The budget deficit, according to government estimates, will be 201 billion kroons ($ 20 billion).

According to Bloomberg, this is due both to COVID-19 restrictions and a sharp drop in oil prices.