The Revenue Equalization Reserve Fund (RERF) is the

sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as ...

of the

Pacific The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. It extends from the Arctic Ocean in the north to the Southern Ocean (or, depending on definition, to Antarctica) in the south, and is bounded by the continen ...

island republic of

Kiribati Kiribati (), officially the Republic of Kiribati ( gil, ibaberikiKiribati),Kiribati
''The Wor ...

. The RERF was created in 1956 to act as a store of wealth for the country's earnings from

phosphate In chemistry, a phosphate is an anion, salt, functional group or ester derived from a phosphoric acid. It most commonly means orthophosphate, a derivative of orthophosphoric acid . The phosphate or orthophosphate ion is derived from phosph ...

mining, which at one time accounted for 50% of government revenue. In 2009 the RERF was valued at A$570.5 million. The RERF assets declined from A$637 million (420 percent of GDP) in 2007 to A$570.5 million (350 percent of GDP) in 2009. As the result of the Global Financial Crisis (GFC) the RERF was exposed to failed Icelandic banks, and drawdowns were made by the government of Kiribati to finance budgetary shortfalls. In 2018, it is set to reach 1 billion of A$. In 2019, the closing market value of the RERF was A$1,153.4 million.Government of Kiribati 2021 Recurrent Budget
retrieved 29 November 2021

References

External links

Kiribati Ministry of Finance
Sovereign wealth funds Economy of Kiribati 1956 establishments in the Gilbert and Ellice Islands {{Kiribati-stub

See also

References

External links