Revenue Equalization Reserve Fund

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Revenue Equalization Reserve Fund — overview

About

Established in 1956, Revenue Equalization Reserve Fund is a sovereign wealth fund based in Kiribati. It was capitalized with royalties from the export of mining phosphate deposits until reserves were depleted in 1979 and now funded through investment returns and fiscal surpluses. The principal mechanism of RERF is to stabilize and sustain the fiscal budget and economy. It serves as insulation against shocks including revenue contraction and fund withdrawals caused by global risks and climate changes. It also aims to preserve the wealth for future generations.

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