OSLO: Norway will tap more into its enormous oil revenue as the economy slows, the new government announced Friday.

The minority conservative-populist coalition which took power in October plans to use about 139 billion kroner ($23 billion, 17 billion euros) of public sector oil revenue in 2014 — 3.9 billion kroner more than envisaged by the previous left wing government.

The cash injection — announced in a series of amendments to the previous government's 2014 budget proposal — will mainly go toward tax cuts, including scrapping inheritance tax and lowering income tax.

However the government will need the support of center-right parties in parliament to bring in the changes.

Norway places all of its oil revenue in a giant public pension fund, which has grown to be the world's largest sovereign wealth fund at more than $800 billion (600 billion euros).

Under current rules the government is restricted from using more than 4 percent of the fund — the estimated average return on the investment — in order to balance budget deficits. Although the populist Progress Party previously argued for an end to the limit — to fund sweeping tax cuts and greater infrastructure investments — its leader Siv Jensen, now finance minister, has presented a relatively restrained budget.

In 2014 the new government wants to use 2.9 percent of the fund, far below the limit and unchanged from the amount planned by the previous administration.

This was made possible by larger than expected growth in the oil fund.

"Growth in the mainland economy (discounting oil) seems to have slowed somewhat this year. The slowdown may well be temporary, but may also signal that high costs for businesses and high household debt are becoming a drag on growth," said Jensen.

Norway's growth forecast was lowered to 2.0 percent this year from a prediction last month of 2.2 percent, and to 2.5 percent for 2014 from 2.7 percent.