28.01.2013 - Falklands make GBP8mln transfer to “Oil Development Reserve”, future sovereign wealth fund
The government of the Falkland Islands has made a transfer of over 8 million pounds (£ 8.274 million) to the new Oil Development Reserve, a first step towards a ‘Sovereign Wealth Fund’ based on the Norwegian model it was explained at this week’s meeting of the Standing Finance Committee. The Falkland Islands Government (FIG) was showing a surplus of £3.910 million compared to a revised budget surplus of £3.515 million, a favourable performance of £0.395 million in first six months of the 2012/13 financial year. This appeared less than anticipated, explained the FIG Management Accountant, due to the transfer of oil related taxation receipts to the Reserve...............................................Full Article: Source
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