Govt withdraws US$ 797.8 million from Petroleum Fund

Govt  withdraws US$ 797.8 million from Petroleum Fund

Petroleum activity at Bayu Undang (image/Conocophilips)

DILI, 05 october 2021 (TATOLI) – The Government of Timor-Leste, through the Ministry of Finance has already made withdrawals from the Petroleum Fund, from the Central Bank of Timor-Leste, in a total amount of USD 797.8 million.

“The USD 797.8 million is accounted for 58 percent of the approved budget by the National Parliament, totaling US$ 1.3 billion,” said the statement.

The execution of the 2021 General State Budget reaches 47 percent and the execution of Essential Programs reaches 40 percent.

The execution performance of the 2021 General State Budget, in general terms, is divided into two categories: (i) Good Governance and Institutional Management Programme, with a total budget allocation of USD 456.7 million and (ii) Essential Programs of the various entities, with a total budget allocation of USD 1.5 billion. The final total of the amending budget allocated to these two categories is USD 2.1 billion.

By Thursday, September 30, 2021, the actual execution rate of the 2021 GSB reached US$ 949.2 million, or 47 percent of the total budget of USD$ 2.1 billion. The actual execution rate for the Good Governance and Institutional Management Program, which aims to support the State machine, was 69 percent, with US$314.8 of the USD 456.7 million already executed.

The actual execution rate for the category of Essential Programs of the entities was 40 percent that is, US$ 634.4 of the allocated US$ 1.5 billion was already executed.

The highest execution rate in each expenditure category corresponds to the Public Transfers category, with 74 percent, followed by Salaries and Wages, with 65 percent, Goods and Services, with 35 percent, and Minor Capital, also with 14%. The Capital Development category, on the other hand, an important category for creating jobs and generating employment in the country, has an execution rate of only 11 percent.

The COVID-19 Special Fund, created last year to respond to the pandemic, as of Friday, september 30, 2021, had reached an actual execution of US$ 108.6 or 38 percent of the allocated US$ 287.6.

The Tourism sector, considered essential to create jobs and generate economic growth in the country, by september 30, 2021, had an actual budget execution rate of 36 percent, representing US$ 4 million of the allocated budget of US$ 11 million, while, Agricultural sector had only executed US$ 8.6 million or 29 percent of the allocated budget, totaling US$ 29.4.

The execution on the revenue side, until September 30, 2021, reached US$ 117.6 million, or 63 percent of the total estimated revenue of USD 187.1 million.

The execution rate of the General State Budget 2021 at the municipal level is showing good results. In five municipalities, the execution is very good, namely in the municipalities of Lautém, Baucau, Ermera, Ainaro, and Manufahi. This good execution rate helps the policies of the 8thConstitutional Government, led by His Excellency the Prime Minister, General Taur Matan Ruak.


Journalist: Antonia Gusmão 

Editor: Julia Chatarina

Translation: Filomeno Martins

Editor: Nelia Borges Rosario


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