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Govt approves implementation of 2024 State Budget

Govt approves implementation of 2024 State Budget

Image Tatoli/Francisco Sony

DILI, 15 january 2024 (TATOLI) – The Government of Timor-Leste, through the Council of Ministers on monday, approved the draft Government Decree, presented by the Minister of Finance, Santina Cardoso, on implementing the 2024 General State Budget, approved by Law no. 21/2023, of December 27th.

This draft Decree-Law aims to establish the rules for implementing the 2024 General State Budget.

In 2024, the decentralization of payment functions will be completed, with all departments and entities with extended financial autonomy assuming responsibility for making their own payments, apart from the payment of salaries, which will continue to be carried out by the Directorate-General for the Treasury. This change will allow the Directorate-General for the Treasury to focus on treasury management and monitoring budget execution, representing a significant qualitative improvement in public finance management.

The draft Decree-Law also introduces minor adjustments to budget execution procedures, following the amendment of Law no. 2/2022 of February 10th, namely regarding budget amendments.

In December 2023, the President of the Republic, José Ramos Horta, promulgated the General State Budget (GSB) for the Fiscal Year 2024, totaling US$1.95 billion for the Central Administration, the Special Administrative Region of Oé-Cusse Ambeno (RAEOA) and Social Security, without the Social Security Reserve Fund.

 

Journalist: Camilio de Sousa

Editor: Filomeno Martins

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