Economy of Kiribati - Trade Unions of Kiribati, Kiribati Dollar, Aquaculture in Kiribati, Kiribati Trade Union Congress (Paperback)

Chapters: Trade Unions of Kiribati, Kiribati Dollar, Aquaculture in Kiribati, Kiribati Trade Union Congress, Revenue Equalization Reserve Fund. Source: Wikipedia. Pages: 22. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: The Republic of Kiribati's per capita Gross National Product of less than $1000 makes it one of the poorest countries in the world. Phosphates had been profitably exported from Banaba Island since the turn of the twentieth century, but the deposits were exhausted in 1979. The economy now depends on foreign assistance and revenue from fishing licenses to finance its needed imports and development budget. The expiration of phosphate deposits in 1979 had a devastating impact on the economy. Receipts from phosphates had accounted for roughly 80% of export earnings and 50% of government revenue. Per capita GDP was more than cut in half between 1979 and 1981. A sovereign wealth fund financed by phosphate earnings was established in 1956. In 2008, the Revenue Equalization Reserve Fund was valued at US$ 400 million. Prudent management of the Reserve Fund will be vital for the long-term welfare of the country. In one form or another, Kiribati gets a large portion of its income from abroad. Examples include fishing licenses, development assistance, worker remittances, and tourism. Given Kiribati's limited domestic production ability, it must import nearly all of its essential foodstuffs and manufactured items; it depends on these external sources of income for financing. Fishing fleets from South Korea, Japan, Taiwan, and the United States pay a licensing fee in order to operate in Kiribati's territorial waters. These licenses produce over $20 million annually, with a surge in 1998 to nearly $30 million when El Nio climatic conditions boosted the local catch. Due to its small si...More: http://booksllc.net/?id=23707385