Timor-Leste Oil Fund reaches US$17.155 billion at the end of September

7 November 2018

The accounting value of the Timor-Leste (East Timor) Oil Fund stood at US$17.155 billion at the end of September, according to information available on the central bank’s website.

Venâncio Alves Maria, deputy governor of the Central Bank of Timor-Leste, said third-quarter capital gains reached US$228.83 million, representing a return of 1.73%.

Income from investments in the quarter amounted to US$293.72 million, of which US$89.86 million corresponded to dividends and interest and US$226.35 million to “changes in the market value of held instruments,” with exchange losses of US$22.5 million.

In the first nine months of the year, based on the system of twelfths, US$210 million was withdrawn from the State Budget – US$70 million by the 7th Government and US$140 million by the 8th Government.

In October, with the General State Budget for 2018 in force, at the end of September, US$220 million was transferred, confirmed Maria said.

The deputy governor of the Central Bank of Timor-Leste said that the downward trend in revenues from oilfield production in the Timor Sea continues.

Meanwhile, the government said in a statement that it had approved a new ceiling of US$1,827 million for expenditure entered in the State General Budget for 2019, an increase of US$471 million or 34.7% over what had been set at 21 September.

The statement added that the new ceiling of expenditure includes the expenses of each ministry as well as payments that have to be made abroad, which were not outlined in detail, however.

The budget, which is expected to be finally approved at the ordinary meeting of the Council of Ministers on Wednesday, will be sent on Thursday to the parliament to begin the process of general debate followed by detailed discussion and then a final overall vote. (macauhub)

MACAUHUB FRENCH