East Timor’s oil fund has balance of US$10.54 billion at the end of April

9 May 2012

East Timor’s oil fund had a balance of US$10.54 billion at the end of April, the Timorese government said in a statement issued Tuesday in Dili.

In the statement, the secretary of State for the Council of Ministers and Government spokesman, Ágio Pereira, said that the balance of the Oil Fund showed that, “the country’s resources are being well managed and that budgetary spending is being carried out in a prudent manner.”

In December 2011 the Oil Fund had a balance of US$9.3 billion. (macauhub)

MACAUHUB FRENCH