DILI, 08 November 2019 (TATOLI) — Timor-Leste’s petroleum fund grew 0.5% to $US 17.55 billion in the September quarter, according to the country’s central bank (BCTL).
In the bank’s quarterly report, Deputy Governor Venancio Alves Maria said gross capital inflows for the three months to September 30 totalled $166.7 million, split between taxpayers contributions and oil royalties.
The New York-held fund’s portfolio return was 0.81 per cent, slightly below the benchmark for the period (0.84 per cent).
Withdrawals from the fund provide more than 80% of the country’s revenue, according to the 2020 General Budget papers, and the state withdrew some $200 million over the quarter to prop up the budget.
According to legislation, the BCTL has operational control of the multi-billion dollar fund, though the Ministry of Finance decides the overall investment strategy.
