Thus it has a stabilisation fund ready as a last resort to support a plummeting stockmarket.
This would end the earmarking of revenues, and set up a stabilisation fund.
Fortunately the state has several billion dollars in its Economic Stabilisation Fund, set aside against the possibility of a downturn.
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The government will put aside some of its oil profits in a stabilisation fund, for spending when the oil price falls.
To complicate matters, previous administrations borrowed everywhere they could: they reached into the Stabilisation Fund, the Medicaid trust fund and the unemployment trust fund.
They reportedly asked Michel Camdessus, the managing director of the International Monetary Fund, to prepare a proposal for setting up a region-wide currency stabilisation fund.
That stabilisation fund is not the only useful legislation unpassed.
In a worrying move, Mr Chavez changed the rules of a new stabilisation fund, which is supposed to smooth out the economic impact of volatility in the oil price.
The Russian authorities have attempted to squirrel away some of their petrodollars, and avert upward pressure on the rouble, by setting up a stabilisation fund to capture extra revenues.
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Stabilisation funds, such as Chile's Economic and Social Stabilisation Fund, smooth out the economic cycle by accumulating revenues from commodity exports when prices are high, and disbursing them when prices drop.
Indeed, thanks to foreign investment and windfall profits from higher oil prices, a stabilisation fund set up by the government to cushion the country were the economy to sour has grown much more quickly than expected.
But leaders resisted a second, much more ambitious move by the commission: to use the same treaty clause to create a stabilisation fund of unlimited size that it would also control, this time borrowing against loan guarantees from national governments.
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