International Monetary Fund. External Relations Dept.
IMF Deputy Managing Director Shigemitsu Sugisaki (left) greets Nobel Laureate José Ramos-Horta of East Timor. Ramos-Horta, who is Vice-President of the National Council of the Timorese Resistance, the umbrella organization of pro-independence movements inside and outside East Timor, was paying a courtesy visit to the IMF.
This 2009 Article IV Consultation on Timor-Leste highlights that the Timorese economy has posted high economic growth over the past two years, driven by rapid increases in government spending and a recovery in agriculture from a 2007 drought. Central government spending rose sharply in 2008, reflecting efforts to address pressing development needs and secure social cohesion. Executive Directors have welcomed the recently announced moderation in government spending. Directors have also supported the prudent approach toward widening the fund’s investment portfolio.