KIRIBATI RESERVE FUND RECORDS SIGNIFICANT GROWTH

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TARAWA, Kiribati (January 20, 1998 - PACNEWS)---Kiribati’s overseas financial investment activities last year resulted in the value of the Kiribati Revenue Equalization Reserve Fund increasing in value to $Aus 458 million ($US 305 million) as of December 31, 1997.

The Ministry of Finance says fund results over the past four years indicate very good investment performance, Radio Kiribati reports.

In 1994, the reserve fund was valued at $Aus 318 million ($US 212 million). It since has grown by over $Aus 140 million ($US 93 million), or over $Aus 35 million ($US 23 million) each year.

It is estimated that the fund will increase to about $Aus 500 million ($US 333 million) by the end of this year.

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