DILI, July 20, 2020 (TATOLI) – Timor-Leste’s Petroleum fund grew 0.5% to $US17.8 billion in the second quarter, according to the country’s central Bank (BCTL).
The state’s Bank predicted in early April that oil revenue would drop by $844 million in the second quarter to a level of nearly $1.8 billion during the first quarter, of this year.
“At the beginning of March, the Petroleum Fund dipped to 1.8 billion U.S. dollars due to the economic collapse caused by the health crisis. In the second quarter, the drop was around US$844 million, which meant it recovered $842 million. The current balance to $US17.8 billion” said Venâncio Maria Alves, Deputy Coordinator of the Central Bank of Timor-Leste (BCTL) on the issue of economic recovery at the Ministry of Finance in Aitarak-Laran.
Mr Alves said the numbers recorded in the second quarter was due to the market index, and the World Index of Morgan Stanley (WIMS), which led to an increase of 7%, according to the international market forecast.
“The Petroleum Fund suffered a sharp fall because of the coronavirus that disturbed all economic activities for the country,” he said.
In the Bank’s quarterly report, Deputy Governor Venancio Alves Maria said gross capital inflows for the second quarter totalled US$181.11 million, which split between taxpayers contributions and oil royalties, and the annual pipeline fee.
Journalist: António Gusmão
Publisher: Julia Chatarina/Nichola Kettle
Translation: Nelia Borges Rosario