DILI, 15 may 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 US$190 million.
This is the second withdrawal made by the Ministry of Finance, which brings the total withdrawals in may 2023 to US$490 from the US$1.3 billion State Budget approved by the National Parliament.
“The withdrawal of US$190 was made based on the cash flow forecast for the next two months, presented by the Directorate-General of Treasury of the Ministry of Finance,” Finance Minister Rui Augusto Gomes said in a statement.
He said the withdrawal of the US$490 million was below the Petroleum Fund’s Estimated Sustainable Income (ESI) limit, which should not exceed 3% (annually) of estimated petroleum wealth.
In february 2023, the Government of Timor-Leste, through the Ministry of Finance, withdrew $300 million to fund national development.
Meanwhile, the execution of the State General Budget for 2023 reaches $389 of the $2.16 billion approved by the National Parliament.
As of 31 March, according to the Central Bank of Timor-Leste report, the Petroleum Fund was $17.8 billion.
Journalist: Filomeno Martins
Editor: Nelia Borges
