单词 | Revenue Equalization Reserve Fund |
释义 | Revenue Equalization Reserve FundDefinition A fund established in 1956 by the government for the purpose of stabilizing the economy due to its heavy reliance on phosphate exports for revenue. After its phosphate reserves were depleted in 1979, government revenues declined and the per capita GDP was reduced by 50%. The country now relies on income from abroad and development assistance in order to maintain its fund balance. |
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