Democratic Republic of Timor-Leste: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Timor-Leste

Democratic Republic of Timor-Leste: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Timor-Leste
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Volume/Issue: Volume 2024 Issue 056
Publication date: February 2024
ISBN: 9798400269660
$20.00
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Business and Economics - Statistics , International - Economics , Exports and Imports , Labor , Money and Monetary Policy , Public Finance , Timorese authorities , fiscal cliff , private sector development , WTI crude , Timor-Leste authorities , Debt sustainability analysis , Oil , Global

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Summary

Timor-Leste has made impressive progress since independence in 2002 but remains a fragile post-conflict nation with pressing development needs. With oil and gas production having recently come to a halt, progress on diversifying the economy and developing the private sector is urgently needed. Fiscal deficits are financed by the country’s considerable Petroleum Fund savings, but regular large withdrawals are expected to lead to its full depletion by the end of the 2030s. A new coalition government—formed following parliamentary elections in May 2023—targets higher growth and achieving fiscal sustainability.

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