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The financial system of Timor-Leste was disrupted by the postreferrendum turmoil. Therefore, various steps were taken to restore the financial system. In this paper, major oil/gas fields and their development, fiscal arrangements governing oil/gas activities, and the oil/gas revenues are discussed. Fiscal and quasi-fiscal operations in Timor-Leste are governed by the central government, nonfinancial autonomous agencies, multilateral institutions, and bilateral donors. This study also summarizes statistical data of economic indicators, GDP by sectoral origin and by expenditure, consumer price index, monetary survey, oil/gas revenues, tax system, and so on.
International Monetary Fund. External Relations Dept.
Is the much-hyped “new economy,” based on the information technology (IT) sector, a real phenomenon? Reactions to this sector have gone from “unbridled optimism through much of 2000 to skepticism after the crash in IT equity prices later that year.” But Tamim Bayoumi and Markus Haacker, authors of a recent IMF working paper, are convinced not only that the IT revolution is real but that it will produce big benefits over the long run. They spoke to the IMF Survey about who will benefit from the IT revolution and how.