Oil-rich Norway to tighten spending

Norway on Tuesday unveiled next year’s budget plans aimed at curbing expenditure after the oil-rich country recovers from an economic downturn with a slightly upturned outlook for 2011.

The Finance Ministry proposed to cut excess spending from oil and gas proceeds to NOK 7.4 billion ($1.2 billion; euro880 million) — from 19 billion kroner this year.

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Source: Associated Press