Vila Times

Kiribati’s overseas Reserve Fund almost reached US$1 bln

Kiribati’s overseas Reserve Fund almost reached US$1 bln
Kiribati’s overseas Reserve Fund almost reached US$1 bln
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Kiribati President Taneti Maamau said the value of the Government’s Reserve Fund kept overseas continues to increase.

President Taneti Maamau made the statement in his keynote address during the 39th National Day’s celebration at the Reuben K Uatioa stadium in Bairiki, Radio Kiribati reports.

Maamau said the value of the fund at the local bank in the end of June has exceeded AUD$100 million (US$73.8 million) and nearly AUD$982 million (US$725 million) more is currently being kept in a bank in Australia.

Maamau said that one of his Government’s promises in its manifesto which is to reach a billion-dollar mark in 2020 is now within reach and adds that the people of Kiribati could become billionaires through the reserve fund.

President Taneti Maamau placed his hope and faith in the God of Treasures to look after his country’s wealth.

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