The Timor-Leste Petroleum Fund was established in 2005, and by 2011 it had reached a worth of US$8.7 billion. East Timor is labelled by the International Monetary Fund as the "most oil-dependent economy in the world". The Petroleum Fund pays for nearly all of the government's annual budget, which increased from $70 million in 2004 to $1.3 billion in 2011, with a $1.8 billion proposal for 2012. East-Timor's income from oil and gas stands to increase significantly after its cancellation of a controversial agreement with Australia, which gave Australia half of the income from oil and gas from 2006.