Revenue Equalization Reserve Fund

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The Revenue Equalization Reserve Fund (RERF) is the sovereign wealth fund of the Pacific island republic of Kiribati.[1]

The RERF was created in 1956 to act as a store of wealth for the country's earnings from phosphate mining, which at one time accounted for 50% of government revenue.

In 2009 the RERF was valued at A$570.5 million.[2] The RERF assets declined from A$637 million (420 percent of GDP) in 2007 to A$570.5 million (350 percent of GDP) in 2009. As the result of the Global Financial Crisis (GFC) the RERF was exposed to failed Icelandic banks, and drawdowns were made by the government of Kiribati to finance budgetary shortfalls.[3]

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References[edit]

  1. ^ Sovereign Wealth Fund Institute
  2. ^ "Kiribati: Statistical Appendix". International Monetary Fund Country Report No. 11/114. 24 May 2011. Retrieved 10 September 2011. 
  3. ^ "Kiribati: 2011 Article IV Consultation-Staff Report, Informational Annexes, Debt Sustainability Analysis, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for Kiribati". International Monetary Fund Country Report No. 11/113. 24 May 2011. Retrieved 10 September 2011. 

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