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CCI-TL calls for urgent action in response to the High Inflection Rate in Timor-Leste

CCI-TL calls for urgent action in response to the High Inflection Rate in Timor-Leste

Timorese Businessman and The president of CCI-TL (Image Tatoli/Egas Cristovao)

DILI, 25 march 2022 (TATOLI) –The Chamber of Commerce and Industry of Timor-Leste (CCI-TL) calls for urgent action in response to the high inflection rate in Timor- Leste.

The President of CCI- TL, Oscar Lima together with the institutional representative of businesses and Private sector conduct the urgent meeting to discuss urgent action in response to the High Inflection Rate in Timor-Leste.

“We are writing to you on behalf of the Chamber of Commerce and Industry of Timor-Leste (CCI-TL), the institutional representative of businesses and Private sector– to respectfully call for urgent action from Economic Resection in which contributed to High Inflation rate registered in 8 years in Timor-Leste 5.4% since february 2022,’’ The President of CCI- TL, Oscar Lima told reporter in the of office of CCI- TL, Acait, Dili on this friday.

Building on the Timor-Leste’s annual inflation increased to 5.4 percent in february 2022 from 5.4 percent in the prior month, pointing to the highest reading since november 2013. Main upward pressure came from food and non-alcoholic beverages (6.8 percent vs 6. percent in January), alcohol and tobacco (19.1 percent vs 16.3 percent), housing (0.5 percent vs 0.5 percent), transport (7.5 percent vs 5.4 percent), clothing (0.1 percent vs 3.4 percent), furnishing and household maintenance (0.9 percent vs 2.5 percent), health (1 percent vs 1 percent), and recreation and culture

(1.5 percent vs 1.6 percent). On a monthly basis, consumer prices rose by 0.6 percent in february, after a 1.1 percent gain in January, which was the highest level in 11 months according to the National Statistics Directorate, Timor Leste.

“We believe there is now a pressing need for Government institutions and other agencies national and international to agree on an overarching policy response to overlap and mitigate these economic restraints. It is our view that swift and decisive action from the Government of Timor-Leste and its partners– would significantly help reassure National business, markets and citizens throughout the Timor-Leste in the face of growing uncertainty and volatility” The President of CCI- TL, Oscar Lima, added.

In this connection, CCI- TL and believe together with the institutional representative of businesses and Private sector that an initial priority must be for the Government of Timor – Leste to agree on coordinated action to ensure the access to essential trading Flow of supplies and to restore the economy. And eventually to scale all necessary public funding to tackle these High Inflation rates. This should encompass clear commitments to:

  1. Avoid export bans or limits on the free flow of all necessary daily supplies, commodities, and other prime material, equipment;
  2. Reverse existing export bans on all necessary daily supplies, commodities, and other prime material, equipment needed to tackle this issue.
  3. Reduce the costs of all necessary all necessary daily supplies, commodities, and other prime material, equipment by lifting import taxes, quotas and other government-imposed costs;
  4. Strengthen incentives to increase domestic production of necessary all necessary daily supplies, commodities, and other prime material, equipment and to speed up the trade with other communities’ countries in our region.
  5. Immediately scale funding from the government to Strategic Preparedness and Response Plan and any other appropriate economic strategic response mechanisms.

Following the non-effective response of the Government of Timor – Leste to the National financial crisis, CCI- TL also respectfully call the CCI- TL ‘s members and non-members of economic agent to pledge to do whatever is necessary to keep the Timor-Leste economy out of recession, including by:

– Enacting measures to restore confidence, growth and jobs;

– Providing coordinated support for affected sectors and small businesses; and

– Making available all necessary financial assistance to the poorest citizens of this country.

Alignment of Government of Timor – Leste ‘s economic policy reaction on this inflation issue, such a package of measures would significantly boost ongoing efforts to manage this crisis – while minimizing the potential social and economic impacts of the inflation.

As the largest business institution, CCI-TL stands ready to assist the Business community and the private sector and community in general in any way possible in developing a coordinated action plan to robustly address the current Inflation Rate in Timor–Leste.

Journalist: Camilio de Sousa

Editor      : Rafy Belo

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