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Alaska taps cherished oil fund to pay state expenses

“ANCHORAGE, Alaska (Reuters) – Alaska will dip into its cherished oil wealth fund to pay for state government operations for the first time since the fund was set up in the 1970s” writes Midwest Communications Inc for The decision to use the fund money prompted ratings agency Standard and Poor’s to raise its outlook for Alaska from negative to stable last week.In recent years that dividend – known as the Permanent Fund Dividend (PFD) – has dwindled and a budget veto by Walker in 2016 halved the payout to $1,022.The fund is famous for its annual dividend paid to nearly every adult and child in Alaska, but use of the fund for anything else has long been considered taboo.

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