He finance Minister and Governor of the Democratic Republic of Timor-Leste to the World Bank, Rui Gomes, accompanied by the Vice Minister of Finance and relevant officials from the Ministry of Finance, held a bilateral meeting with the World Bank Vice President for East Asia and the Pacific, Manuela Ferro, in the Kay Rala Xanana Gusmão Auditorium of the Ministry of Finance.
During the meeting, Governor Rui Gomes and his team shared information on the macroeconomic situation and the fiscal policy introduced by the 8th Constitutional Government in the last two years, which allowed the national economy to recover from negative 8.3% in 2020 to positive growth of 2.9% in 2021 and 3.9% in 2022.
They also discussed the sustainability of the Oil Fund to avoid a fiscal cliff and the process of fiscal reform and public finance management that the Government, led by Prime Minister Taur Matan Ruak, has achieved during his tenure.
During Manuela Ferro’s first official visit to East Timor, both parties discussed other issues, such as the request for technical assistance from the World Bank to start the feasibility study of the free trade zone and industrial park project in the cross-border areas between East Timor and Indonesia, mainly in the Oe-cusse Ambeno Special Administrative Region (RAEOA – acronym in Portuguese).
Prime Minister of Timor Leste meets Australian Attorney General
This petition was requested by Governor Rui Gomes to the Vice President of the World Bank and his team last October, during his official visit to Washington DC, within the framework of the World Bank Annual Meeting.
Manuela Ferro also expressed the World Bank’s interest in supporting East Timor in strategic areas. In addition, she praised the progress made by the Ministry of Finance, particularly at the level of tax reform and public finance management underway for two years.
The sustainability of the Oil Fund was discussed to avoid a fiscal cliff and the process of fiscal reform and management of public finances
The two sides also discussed the draft framework partnership agreement between East Timor and the World Bank for the next five years.
