NEW CHAIRMAN APPOINTED TO THE HERITAGE AND STABILIZATION FUND Dr. Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (‘the Fund’), a release from the Ministry of Finance and the Economy, today, stated. Dr Ralph Henry has served as a lecturer at the University of the West Indies and as a Consultant to a number of regional and international organizations which include the InterAmerican Development Bank, the Caribbean Development Bank, the World Bank and the CARICOM secretariat to name a few. Dr Henry was also appointed the first Chairman of the Telecommunications Authority of Trinidad & Tobago. While congratulating Dr Henry on his appointment, Finance and the Economy Minister, Larry Howai emphasized that the objective of the Fund is to efficiently and effectively manage the nation’s excess wealth derived from the oil and gas revenues so as to: 1. Cushion the impact on or sustain public expenditure capacity during periods of revenue downturn whether caused by a fall in prices of crude oil or natural gas; 2. Generate an alternate stream of income so as to support public expenditure capacity as a result of revenue downturn caused by the depletion of non-renewable petroleum resources; and 3. Provide a heritage for future generations of citizens of Trinidad &Tobago from savings and investment income derived from the excess petroleum revenues. “As at September 2009, the Fund recorded a Net Asset Value of US$2,964 million. Some four years later, the Net Asset Value of the Fund has almost doubled surpassing its critical benchmark of US$5 billion for the first time since the Fund’s inception to stand at US$5,154 million.” the Minister stated. He further added, “Despite the challenges facing the global financial markets, financial year income has risen significantly over the years to US$312.776 million at the end of September 30 2013 from USD$35.80 million as at September 30 2009.” Speaking on the much anticipated amendments to the Heritage and Stabilization Fund Act 2007, the Minister noted that the changes being proposed consisted of, among others: 1. Increasing the floor of the Fund 2. Extending the delivery period for Quarterly Investment Reports; 3. Increasing the authority of the Board; and 4. Extending the timeframe for meeting withdrawal requests. The Heritage and Stabilization Act 2007 was established for the primary purpose of saving and investing surplus petroleum revenues derived from the production business. The Net Asset Value of the Fund refers to the value of the Fund’s assets less the value of its liabilities at a given point in time. - Ministry of Finance and the Economy C NEWS PHOTO VIA GOOGLE IMAGE
Posted on: Tue, 25 Mar 2014 18:54:47 +0000
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