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International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that Timor-Leste remains a fragile post-conflict nation with weak human and institutional capacity and large infrastructure gaps. The main challenge facing Timor-Leste is to effectively manage its petroleum wealth to reduce public-sector dependence, diversify the non-oil economy, generate jobs for a young and rapidly-growing population, and raise living standards. Political uncertainty constrained public spending in 2017–18, resulting in a sharp contraction of non-oil GDP in 2017 and flat growth in 2018. The report discusses that risks to the outlook are closely tied to the success of fiscal and structural reforms to maintain macroeconomic stability, ensure long-run fiscal sustainability, and facilitate economic diversification. The consultation recommends that a fiscal strategy should be pursued to improve expenditure control and efficiency, mobilize domestic revenue, and commit to protecting the wealth of the Petroleum Fund. Ongoing efforts to strengthen public financial management and promote good governance are crucial to ensure public investment efficiency and enhance the quality of public services.
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights that Timor-Leste’s non-oil real GDP growth in 2016 is estimated at 5.5 percent, supported by a near doubling of government capital spending, albeit with large import leakages. Real total GDP declined by 7.9 percent in 2016, owing to a sharp fall in oil production. The overall fiscal deficit widened to 30.8 percent of GDP in 2016. Non-oil real GDP growth is projected to moderate to 3 percent in 2017, owing to lower government expenditure and the slowdown of activity owing to the delayed formation of the new government after the parliamentary elections in July. Inflationary pressures remain low, albeit with a return to positive territory with rising global food and fuel prices.
International Monetary Fund
Timor–Leste’s initial efforts to develop a stable and healthy economy have been interrupted by the civil unrest of the past two years. The security situation remains fragile and an economic burden. The key challenge remains how to manage the abundant petroleum revenue to alleviate near-term social problems and develop a sustainable non-oil economy. Growth has rebounded in 2007, although the civil unrest continues to undermine the economy. Inflation has risen sharply, but remains low relative to regional comparators. Access to financial services remains limited and credit growth has stalled.
International Monetary Fund


This paper reports about the IMF and its activities, and particularly its technical assistance activities, the Japan Administered Account for Selected Fund Activities (JSA)—its objectives, size and scope, and use—with a focus on fiscal year 2002 and the scholarship programs. As the IMF seeks to meet its mandate, the demand on its technical assistance resources is expected to increase in a variety of areas, including helping countries to build capacity for their anti-money laundering and combating financing of terrorism (AML/CFT) efforts; to adopt and adhere to international standards and codes for financial, fiscal, and statistical management; to help Heavily Indebted Poor Countries (HIPCs) design and manage debt reduction programs; and to help low-income countries formulate and implement poverty reduction strategies. The Japan-IMF Scholarship Program for Asia supports a 12-month course of graduate studies in Japan in macroeconomics or related fields for students from Asia and the Pacific and Central Asia, and is administered by the Regional Office in Tokyo.