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POLITICS, CAPITAL, HEADLINE

President Horta promulgates 2023 Amending State Budget

President Horta promulgates 2023 Amending State Budget

President of Republic of TImor-Leste, José Ramos Horta (Photo Tatoli/Francisco Sony)

DILI, 01 september 2023 (TATOLI) – On 29 August, the President of the Republic, José Ramos-Horta, promulgated Law no. 17/2023 of 29 August, on the Amending General State Budget for 2023, with a total consolidated expenditure forecast of US$1.77 billion. 

The changes to the government’s organizational structure brought about by Decree-Law no. 46/2023 of 28 July, the Organic Law of the IX Constitutional Government, required adjustments to the headings of the General State Budget, to optimize the management of public resources.

In order to control the public accounts, the expenditure planned in the General State Budget for 2023 was reduced, as was the amount of the transfer from the Petroleum Fund, reflecting the government’s commitment to ensuring the country’s financial sustainability.

In order to alleviate the impact of inflation and the rising cost of living on citizens, an adjustment was made to the excise duty and customs import duty rates applicable in 2023, with the aim of protecting the population’s purchasing power.

The amendments include changes to articles 3 and 4 of Law 15/2022 of 21 December, the General State Budget for 2023, as well as the tables in the annex to the same law. There is also the first amendment to Law no. 2/2022, of 10 February, on the Framework for the General State Budget and Public Financial Management, to ensure greater rigor and transparency in the implementation of the General State Budget and public finances.

In addition, this law makes the second amendment to Law no. 8/2008, of 30 June, of the Tax Law, amended by Law no. 5/2019, of 27 August, to clarify the concept of permanent establishment provided for in the Tax Law.

This approved budget allocates 439,060,944 US dollars to economic affairs, 24,965,254 US dollars to housing and collective infrastructure, 94,411,189 US dollars to health, 136,974,446 US dollars to education, and 253,389,284 US dollars to social protection.

The Prime Minister, Kay Rala Xanana Gusmão, declared in his speech presenting the Bill that “the IX Constitutional Government is totally committed to a fiscal policy that will lead to the country’s economic development, and that spending and revenue will be administered in a scrupulous and efficient manner, in order to once again promote confidence, not only among citizens but also among investors”.

With these changes, the amount of authorized transfers from the Petroleum Fund is down from 1.35 billion US dollars to 1.21 billion US dollars.

 

Journalist: Filomeno Martins 

Editor: Nelia Borges

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