An economic slowdown in Norway is forcing the government to dip into its vast oil savings for the first time as it cuts taxes in an attempt to boost faltering growth and accelerate its economic transformation. After buoying Norway’s sovereign wealth fund for almost two decades, oil revenues will start to trickle out, marking a symbolic moment in the country’s shift from dependency on oil and gas. According to budget estimates revealed on Wednesday, the oil fund expects to receive NKr204bn ($25bn) from petroleum activities in 2016, while the government plans to take NKr207.8bn out of the oil fund, thereby dipping into the reserves to the tune of NKr3.7bn. “This budget is the product of a time when the economic outlook is different than we have been accustomed to over the past 10-15 years,” said finance minister Siv Jensen.