DILI, 17 october 2022 (TATOLI)—The Ministry of Finance (MF) successfully concluded negotiations with Australia’s DFAT (Department of Foreign Affairs and Trade) to provide a loan of $73.3 million.
This was conveyed by the Deputy Ministry of Finance, António Freitas after meeting with Prime Minister (PM) Taur Matan Ruak recently in Farol.
“I informed the Prime Minister that we have concluded negotiations for a loan with DFAT last week. I asked for orientation from the PM to look back at the next stage with Australia we will access Grants and Loans for a total of $73.3 million,” said António Freitas.
Freitas explained that the purpose of the $73.3 million loan is to support the development program for President Nicolau Lobato International Airport in Comoro, Dili.
He reminded that currently, the MF is preparing what documents are needed to be brought to the Council of Ministers for discussion and approval.
“We hope that before 2023, an agreement can be signed for a $73.3 million loan,” he explained.
As neighbors and close friends, Australia and Timor-Leste have deep and strong bilateral relations. Relations between the two countries are based on support for Timor-Leste’s development, strong security and defense ties, and close community relations.
Australia is fully committed to supporting Timor-Leste’s independence, sovereignty, and economic sustainability. Australia is Timor-Leste’s leading development assistance partner with an estimated total of $105.7 million in Official Development Assistance (ODA) by 2022-2023).
The Australian Government supports Timor-Leste’s goals of economic diversification and private sector growth through development cooperation and labor mobility schemes.
Journalist: José Belarmino De Sá
Editor: Nelia B.
