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NATIONAL, CAPITAL, DILI

Timor-Leste’s Petroleum Fund grows by $43 million

Timor-Leste’s Petroleum Fund grows by $43 million

Vice-Governor of BCTL, Venâncio Alves Maria (Image/BCTL)

DILI, 09 november 2020 (TATOLI)—The Bank Central of Timor-Leste (BCTL) launched a trimestral report for the 62nd which cover the information from July and September 2020.

The report indicates the capital fund post slight rise to $18.47 billion compare to the anterior trimestral the fund was $18.07 billion.

“The capital inflows for the three months to September 30 totalled $18.47 coming from taxpayers’ contributions and oil royalties which is $43.53 million,” Vice-Governor of BCTL, Venâncio Alves Maria, said.

Venâncio said the government spending during this trimestral fund was $172.26, compose of $169.50 million transferred to the State General Budget and $2.76 million covers the management fund.

The trimestral revenue totalled $128.73 and the portfolio revenue for this period is 2.90% compared to the income reference 2,99%.

The report indicates the global economic activities continue to recover from the crises caused by the outbreak of Covid-19, despite there is no expectation from the significant recovery.

“Purchasing Manager’s Index (PMI) Global as the index measure for the manufacturing activities and the services, shows the increase in business activities yet it has been dropped in the last trimestral,” according to the press release.

PMI global composite index has dropped to 52.1 from the total of 52.4 within august. It has driven to the week recovery in September amid covid-19 pandemic, while it increases in several global countries particularly in the European Region, along with the covid-19 restriction such as mandatory quarantine, social distancing have been reintroducing in the affected areas to prevent and mitigate the outbreak of coronavirus.

The report also shows the positive sign from Timor-Leste’s Petroleum Fund, since the global market stock and the development of international financial market show a favourable improvement in the fund investment.

“The total revenue fund for this period is 2.9%, coming from the permanent portfolio revenue which is 0,28% and the stock revenue 7.5%,” he said.

Journalist: Florêncio Miranda Ximenes

Editor: Julia Chatarina/Nick Kettle

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