Trinidad and Tobago’s Sovereign Wealth Fund Reaches the US$ 5 Billion Mark
Although Trinidad and Tobago’s annual Heritage and Stabilisation Fund (HSF) report isn’t due for another few months, Finance Minister Larry Howai has been quoting the fund value in a number of reports.
The first notable mention was in a budget report issued on September 9th, 2013. Howai credited “consistent and strong earnings” for the sovereign wealth fund’s impressive growth. Comparing the previous year’s statement, the fund grew from US$ 4.712 billion to US$ 5 billion with US$ 42 million in government contributions. The number was also reported in an appropriation bill issued on September 20th, 2013.
The contributions represent a significant decrease in government injections into the fund. According to reports issued by the HSF, US$ 451.4 million and US$ 207.5 were contributed to the fund in FY 2011 and FY 2012, respectively.
However, the Caribbean institutional investor has until the end of October for another cash contribution according to rules outlined in The Heritage and Stabilisation Fund Act. No. 6 – 2007 Section 13(2).
Representatives from the HSF didn’t respond to repeated attempts from the Sovereign Wealth Fund Institute to confirm the numbers quoted in the two reports.
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