| No money from the energy sector was deposited in the Heritage and Stabilisation Fund during fiscal 2014 because oil revenues fell, Finance Minister Larry Howai has said. In 2013, $271 million was transferred to the Fund which was established as a “rainy day” financial relief mechanism if the country becomes economically constrained.
The net asset value of the Fund as at June 30, 2014 stands at US$5.56 billion, up from US$5.15 billion in 2013. The positive performance of the Fund was due solely to gains from the investment portfolio of the Fund as no deposits were recorded for the period, the Review of the Economy 2014 budget document states...............................................Full Article: Source
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