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NATIONAL, CAPITAL, DILI

Govt withdraws US$ 190 million from Petroleum Fund

Govt withdraws US$ 190 million from Petroleum Fund

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

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