Prepared by Hali Edison (Ext. 36946) and Dan Nyberg (Ext. 35919).
Prepared by Papa N’Diaye (Ext. 39751).
Recommendations with respect to changing from partial to full inflation adjustment would be considered during U.S. Congress reviews of the Compact on the 5th, 10th and 15th anniversaries of the agreement.
The investment policy guidelines stipulate that “the Trust Fund committee expects equity money managers to seek to produce a cumulative annualized total return net-of-fees and commissions that exceeds the S&P500 over a moving five year period.”
See Purfield, C., “Managing Revenue Volatility in a Small Island Economy: The Case of Kiribati–International Monetary Fund, Working Paper 05/154.
See “Trust funds in the Pacific, their role and future,” the Asian Development Bank, 2005 for a comprehensive review of trust funds in the Pacific.
See Chapter III of this year’s accompanying selected issues paper for the 2005 Article IV consultation with Palau.
Guide on Resource Revenue Transparency, International Monetary Fund, June 2005. and Guidelines for Foreign Exchange Reserve Management, International Monetary Fund, September, 2001.
See SM/04/9, Chapter II, International Monetary Fund.