Revenue Equalization Reserve Fund

A sovereign wealth fund established on the Pacific island of Kiribati. The fund was created in order to manage earnings stemming from the county's phosphate mining industry, which at the time of establishment accounted for over half of Kiribati's government revenue, and was the country's largest export. 



|||The Revenue Equalization Reserve Fund was established in 1956. By the late 1970s the country had exhausted its phosphate deposits, and the per capita GDP was cut in half between 1979 and 1981. Since that time, Kiribati has been largely dependent on foreign aid, tourism and the sale of fishing rights.