DILI, 30 march 2021 (TATOLI) – The Ministry of Finance together with the Partnerships for Development,The European Union (EU) and the United Nations (UN) virtually launched the new Integrated National Financing Framework (INFF) to mobilize the financial resource to reach the Sustainable Development Goals (SDGs).
This Government-led initiative is a framework for financing national sustainable development priorities as laid out in the National Strategic Development Plan 2011-2030 (SDP) and the Sustainable Development Goals (SDGs).
The Minister of Finance, Rui Gomes consider the INFF as an instrument would be an alternative source of financing and investment to develop a diversified, inclusive, sustainable and resilient economy for the bettermen of the Timorese.
“The instrument would also guide and help the government of Timor-Leste to define its policies on public financial management with the aim of having a well-integrated budgeting and planning processes.” Said Rui Gomes in Statement.
Recognising the socio-economic impact of the COVID-19 pandemic in Timor-Leste and the rest of the world, the UN Resident Coordinator Roy Trivedy noted: “As Timor-Leste and the world try to recover from the pandemic that has disproportionately impacted the most vulnerable and marginalised groups, it becomes more important than ever that we build a more inclusive and greener future as envisaged in the 2030 Agenda and the SDGs.
“The United Nations – through funding from the global Joint SDGs Fund – and together with the EU and other development partners, are committed to supporting the Government’s efforts to finance and implement the SDP, and accelerate progress towards the SDGs.” Roy Trivedy said.
The Implementation of INFF, the leads country seeks to ensure the effective financing.
At the same time, The Ambassador of the European Union (EU) to Timor-Leste, Andrew Jacob considers The INFF is a country-led process that seeks to ensure the effective financing and implementation of development strategies together with climate and environment plans and ambitions for a green and circular economy.
“In Timor-Leste it will help to ensure the optimal financing and implementation of the post-COVID Economic Recovery Strategy, which will guide future EU support to the country.”Ambassador Jacob said.
The overall goal of INFF Timor-Leste is to identify and leverage additional finance for sustainable development objectives through growing the fiscal space, increasing the domestic and international private and public sector investments, and more substantial planning and budgeting aligned with the SDGs and the SDP.
It will also help improving the governance and coordination, articulate a financing strategy and strengthen the monitoring and oversight framework.
“A range of stakeholders from the private sector such as Chamber of Commerce and Industry Timor-Leste (CCI-TL), financial institutions (including the Central Bank of Timor-Leste), development partners, NGOs, Civisl Society Organizations (CSOs), community groups and the local governments will be engaged in the INFF process.” Mr Jacob said.
Receive the assistance of the financial instrument of SDG national level
The INFF Timor-Leste is being supported by the UN System, the EU, and partners as a planning and delivery tool to finance the SDGs at the national level.
The framework analyses all financing sources and non-financial means of implementation available.
It also designs a financing strategy to mobilise and increase additional resources, manage risks, and achieve national development priorities as outlined in the SDP and the SDGs.
However, the INFF will be closely aligned with and contribute towards the Government’s ongoing Public Finance Management reform, one of the priority reform areas of the Government, and provide tangible support to the implementation of the COVID-19 Economic Recovery Plan and sectoral strategies.
The Government can also use the to deliberate on and prepare for the post-Petroleum future of Timor-Leste.
This platform will enable the strengthening of the financial platform and the investment strategy including pro-health taxation, diaspora financing, and climate financing, have been identified for catalysing strategic investments in Timor-Leste.
Three financing areas are identified to catallize the strategic investment in Timor-Leste.
Support the nation strengthen the planning process
An integrated national financing framework (INFF) helps countries strengthen planning processes and overcome existing impediments to financing sustainable development and the Sustainable Development Goals (SDGs) at the country level.
It lays out the full range of financing sources – domestic and international sources of both public and private finance – and allows countries to develop a strategy to increase investment, manage risks and achieve sustainable development priorities, as identified in a country’s national sustainable development strategy.
The Government of Timor-Leste, with support from UNDP and EU, conducted a Development Finance Assessment (DFA) in 2018.
During the 2019 UN General Assembly, Timor-Leste expressed its commitment to become one of the 15 pioneer countries to establish and implement an Integrated National Financing Framework (INFF).
This commitment was made to address the critical need to explore new and innovative means to mobilise additional resources for sustainable development and to revisit how existing resources are being utilised to achieve the country’s development aspirations.
After the launching, the INFF workshop is continued via online, with the technical presentation from the new Secretariat of the INFF, World Health organization (WHO), International Organization for Migration (IOM), and the Secretariat State of Environmental (SEA).
The event was participated by the representative from the relevant Ministries, Timor-Leste Central Bank (BCTL), The UN Agencies, Development partners, Private Sectors, Civil Society and Relevant manager from the Ministry of Finance.
In 2015, at the United Nations’ Third International Conference on Financing for Development, world leaders met in Addis Ababa, Ethiopia, to agree upon a new global framework for financing the 2030 Agenda for Sustainable Development and the 17 SDGs.
The Addis Ababa Action Agenda outlines key policy recommendations for mobilising and aligning resources with global goals and addressing the considerable challenges that face developing countries in financing their sustainable development.
Journalist: Antonia Gusmão
Editor: Julia Chatarina
