Rules
coming for 'rainy day' dollars
Trinidad
Express
Port
Spain
Petroleumworld.com
09 17 06
Some
six years after it was established, legislation
is being sent to the Parliament to govern what is
now called the Interim Revenue Stabilisation Fund
(IRSF) which, by the end of this month, will stand
at some $8 billion.
Minister
in the Ministry of Finance Christine Sahadeo made
the announcement during yesterday's post-Cabinet
news briefing at Whitehall, Port of Spain.
The
IRSF was first established in 2000 by the United
National Congress administration to place excess
revenue from the nation's oil and gas revenues for
future savings.
However,
the IRSF was established without any legislation
and the ruling People's National Movement intends
to replace it with a fully regulated Heritage and
Stabilisation Fund.
The
ruling party had been criticised by some experts
for the length of time it has taken to introduce
the proposed legislation.
"The
Heritage and Stabilisation Fund Bill 2006 was approved
in Cabinet today and in fact will be laid in Parliament
tomorrow," Sahadeo said yesterday.
Trinidad
Express
Friday, September 15th 2006
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