Timor-Leste oil fund totals US$16.86 billion at the end of June

11 August 2015

The Timor-Leste Oil Fund had total capital of US$16.86 billion at the end of June 2015, with a negative return in the quarter of US$25 million, according to a quarterly report published Monday in Dili.

The report issued by the Timor-Leste Central Bank said that in the period from 1 April to 30 June 2015 the gross inflow of money from royalties and taxes totalled US$294.68 million.

Outflows amounted to US$234 million, of which US$230 million were for the General State Budget and US$4 million for management expenses.

Since the beginning transfers of US$445 million have been made from the fund, of which US$215 million in the first quarter, US$80 million in May and US$150 million in June.

The Timor-Leste Oil Fund, which was created in August 2005, receives all the state’s revenues from oil exploration.

Fund revenues are then invested in financial assets abroad and the only cash outflows are to the state budget, which must be approved by the national parliament.

The Central Bank of Timor-Leste is responsible for the operational management of the Fund and the Ministry of Finance sets the overall investment strategy. (macauhub/TL)