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Timor-Leste and Indonesia sign grant agreement on Development of Public and Private Accounting Standard

Timor-Leste and Indonesia sign grant agreement on Development of Public and Private Accounting Standard

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Dili, 16 may 2024 (TATOLI) – The Government of the Republic of Indonesia through the International Development Cooperation Fund (LDKPI) or Indonesian AID disbursed assistance with a total value of Rp4.4 billion (More than US$200,000) to support the implementation of the Timor-Leste Financial Management Reform Program: Development of Public and Private Accounting Standards and Executive Development Program and Indonesian Government Financial Management System Training for Timor-Leste.

Grant Agreement was signed by Tormarbulang Lumbantobing, CEO of Indonesian AID, and Regina de Jesus de Sousa, Director General of Treasury of the Ministry of Finance of Timor-Leste, witnessed by Felícia Claudinanda Cruz Carvalho, the Deputy Minister of Finance of Timor-Leste, on thursday (16/05) at the Ministry of Finance, Dili.

During the signing ceremony, the results of the Study on the Preparation for the Implementation of the Timor-Leste Financial Management Reform Program: Development of Public and Private Accounting Standards were also handed over. The Timor-Leste Financial Management Reform Program is a multi-year program that aims to reform financial management in Timor-Leste through the development of accounting standards in the public and private sectors. The development of accounting standards includes the establishment of accounting committees, the preparation of financial accounting standards and government accounting standards, and assistance in the implementation of accounting standards in Timor-Leste.

In the implementation of its activities, Indonesian AID synergizes with the State Finance Polytechnic – STAN.

On this occasion, CEO Lumbantobing underlined Indonesia’s commitment to assist Timor-Leste’s development, including in the framework of supporting the Financial Management Reform Program run by Timor-Leste. In particular, he also mentioned a number of development cooperation activities that Indonesia has carried out in Timor–Leste, including development assistance of Rp18.4 for the health, finance, trade, and government sectors during the 2020-2023 period. It was also revealed that Indonesia and Timor-Leste are neighboring countries that share cultural affinities and geographical locations, so “Indonesia has always seen the borders of the two countries not as a separator but rather a unifying factor.”

In response, the Minister of Finance Santina Cardozo, expressed her appreciation for Indonesia’s initiative to support the Timor-Leste Government’s policy on financial management reform through grants and development cooperation.

Delivering remarks at the signing ceremony of the Indonesia – Timor-Leste grant agreement, she also expressed optimism about the sustainability of the Cooperation program which will further have a positive impact on the close relationship between the two countries.

For 2024, Indonesian AID plans to provide Rp28.06 in assistance to the education, finance, and government sectors. One of the programs implemented in 2024 is The Indonesian AID Scholarship (TIAS), where Timor-Leste is the country with the most scholarship recipients with 89 students, and to date the selection has been followed by 145 applicants for Associate degrees, Bachelor’s degrees, and Master’s degrees at universities in Indonesia.

Okto Dorinus Manik, Indonesian Ambassador to Timor-Leste expressed his delight at the progress of the Development cooperation between the two countries which was realized in the Indonesian grant agreement.

He stressed that Indonesia, which is now a member of the G20 and is one of the countries respected for its economic performance, will never forget its closest neighbor.

In addition to grants and development cooperation, Ambassador Manik emphasized that he and the Indonesian Embassy in Dili will continue to work hard to encourage the improvement of relations between the two countries through various mechanisms and areas of work that are suitable for Indonesia and Timor-Leste.

 

Journalist: Camilio de Sousa

Editor: Filomeno Martins

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