Heritage and Stabilization Fund
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Country: Trinidad & Tobago Established: 2000 US$ Billion: 2.9 |
Origin: Oil Entity Structure: Fund |
Summary:
Prior to the Heritage and Stabilization Fund (HSF) which was established in March 2007 with the passing of the HSF Act. No. 6. Historically, the fund was identified as the Interim Revenue Stabilization Fund (IRSF) which has been in around since 2000. The fund has initiated a corporate governance structure. The fund is paid by petroleum revenues and is used to help stabilize budget shortfalls. The HSF is separate from the overall foreign exchange reserves of Trinidad and Tobago. Its purpose is to generate saving and investment income for future generations.
Governance:
The fund is headed by a President and a five member Board. The Board also includes an officer of the Central Bank and Ministry of Finance. The Central Bank has the responsibility to manage the Fund.
