Temos o dever patriótico de aprender o português

Ceremónia de Entrega de Certificado - Curso Língua Portuguesa

Bom dia a todos.

Excelências

Senhores e senhoras.

Estamos todos reunidos hoje aqui, para celebrar uma ceremónia de entrega de certificados de conclusão de curso da língua portuguesa, que foi frequentado pelo os funcionarios do Ministério e foi dado pelo o Governo Brasileiro atraves do Programa de Qualificação de Língua Portuguesa.

Senhores e senhoras

"O portugues em Timor é como o capim. Está em toda parte, enraizado e está no coração do povo Timorense". E por isso, com o apoio do doador, como o Brazil, "faz renascer a língua portuguesa em Timor".

Quando falamos sobre o apoio do Brasil, lembro-me um deputado federal, o saudoso João Hernmann Neto, quando era presidente da comissão parlamento de amizade Brazil-Timor.

Ele disse e eu cito “o brasil, o maior país de língua portuguesa do mundo, tem uma imensa responsabilidade para com o Timor”. E na minha opinião o Brasil está a cumpri-la muito bem.

O governo brasileiro, atraves da cooperação brasileira, desde inicio da nossa independencia, continua dar o apoio ao Timor, quer na forma financiamento e tanto na forma asisténcia técnica.

Alguns deste apoio, se não me enganho, começou com a formação dos professores na língua portuguesa no Ministério da Educação, e agora extende-se aos funcionarios públicos dos outros ministérios, começando com o Ministério das Finanças.

E por isso, em nome de todos os meus colegas, agradecemos o governo brasileiro por seu apoio.

Agradecemos tambem o Ministério das Finanças que nos deu esta rara oportunidade.

Agradecemos os professores, especialmente a professora Arizângela Figueiredo, por sua dedicação e paciência. 

Agradecemos o senhor Augusto e seu equipe e outras pessoas que não consigo mencionar todo aqui.

Esperamos que a nossa boa cooperação se mantena. E prometemos que em 2014 vamos fazer melhor do que o ano pasado.

Para concluir, quero fazer lembrar aos meus colegas, que nós, como a nova geração, temos "o dever patriótico, eu repito, o dever patriótico", de aprender o português.

A luta continua.

Obrigado.

 

Efficiency in public spending - study case of Timor-Leste

EFFICIENCY IN PUBLIC SPENDING

STUDY CASE OF TIMOR LESTE

 

Basilio Ribeiro de Carvalho Soares

 

The budget execution of the government of Timor Leste for the fiscal year 2011, 2012 and 2013 respectively have shown that the amount of the expenditures incurred are greater than the revenues received during for the each fiscal year (Annual Audited Financial Report Ministry of Finance 2011, 2012, and crystal Report 2013). This indication eventually leads this nation to the shortage of the fund every year. However, this shortage of the fund is covered by the Petroleum Fund so that this deficiency of the budget execution can be resolved.

The Petroleum Fund itself is a fund that is collected from sources such as gross receipt (including tax revenue) of the oil sold or the export of the petroleum and any amount received from the net investment return from Timor Leste Sovereign Wealth Fund (Petroleum Fund Law 2005). However, the petroleum Fund Report 2012, in their findings, has asserted that the production of oil from Bayu Undan and Kitan fields will completely diminish in a decade or so. If this inefficiency of the budget execution will occur in the years ahead and the oil production at South Sea of Timor Island will run out, this country will face a financial crisis like what is happening now in Greece, Portugal and Spain.

Efficiency is a level of performance which describes how far an institution either a government institution or a company is expected to increase its output and to achieve the expected outcomes without absorbing further resources. Efficiency is also described as a comparison between input and output or the costs and benefit. For instance, a machine, at a given cost, will be considered as efficient, if it can produce a large amount of quantity of outputs compared to other equipment.

Although it has been criticized that the government budget had been inefficiently executed these past few years (2011, 2012 and 2013) respectively, the trend of inefficiency in the government budget spending will be likely to continue in the future years ahead. Furthermore, in order to resolve this problem and to make the fund to be spent efficiently, there are some options that are considerably important to be decided by the government and these options could become solutions for the government to make the budget execution becoming more efficient. These options are preparation of the projected cash flow, proper planning programs made by each line ministry including clear identification of goals, eradicating the corruption practices.

Cash flow forecast is an accounting tool that is used to estimate any potential amounts of revenue received and the disbursements are going to be made during a given of period (generally monthly basis) in the future. It is important that the government has to prepare its own cash flow forecasts in order to manage its cash efficiently. The objective to prepare the projected cash flow is to provide the owner of the fund (the government) the projected amount for the future cash requirement so that the liquidity crisis can be avoided as well as both the cash outflow and inflow of the government can also be monitored. Furthermore, a good cash flow forecast enables good cash flow management. This will help the government to ensure the funds that have been allocated in the budget book will meet the government needs. Hence, with a proper cash flow forecast, it will avoid the possibilities to absorb more resources. Also, it will help the government to reduce its borrowing. It is a fact that, in Timor Leste, during these last three years, most of the line ministries, have executed the fund recklessly without making a proper projected cash management, how much they are going to use the fund, when these funds are going to be utilized and for what purposes the funds are going to be used. For instance, most of the line ministries have drafted a budget and allocated dollars amount into each activity or program and these dollars amount will be used for the activities that have been set up in their annual working plan. However, the day when the program is implemented, the amounts of dollars that have been allocated in each activity of the program in the budget book are not sufficient enough to fund this particular activity. As a result, these particular line ministries will do a “Virement - Transferring the funds from one activity to another activity.” Consequently, some other particular activities or programs might not be successfully implemented because of the shortage of the funds. This is a result of the absence of a cash flow forecast.

Another issue that has to be examined is there are no clear plans and goals that put in place. Like other developing countries, Timor Leste also determines the size and the composition of the budget which can be assumed to reflect legitimately the goals of its own people. However, in a technical level a question that needs to be raised is how efficient the money that has been allocated to each function or program will be executed?  This is the classic case in economy called guns versus butter where the government to some extent will spend more money to increase the capabilities of its military defense and reducing the budget allocation for social goods (health and education) compared to what the people would prefer to have. As an example, in Timor Leste, in 2013, there was a controversial program organized by the Ministry of Tourism. This Ministry has created a program called “Miss Tourism 2013” (later called Miss Timor Leste) which was not included in their “2013 annual working plan” and also there was no funds allocated in their fiscal budget 2013 for such activity. This program was criticized by the parliament and societies as this program did not have any advantages to promote Timor Leste Tourism Sector. However, the Minister of Tourism insisted to run this program and convinced the people that this program will give the advantage to promote Timor Leste’s Tourism Sector. The reason they provide to the parliament, the government and the societies was by running this program, it could help the government to expose Timor Leste tourism sector and this sector will eventually be known all over the world. In order to support this program to run successfully, the Ministry made a transfer – called virement - of the budget from other activities or program to this “Miss Timor Leste” Program which was not included in their “2013 budget.” As a consequence, some of other important activities that had been included in their “2013 annual working plan” were not successfully implemented.

Furthermore, the delay in implementing programs also frequently happens in the line ministries. Hence, the delay affects the budget spending will not be executed and it eventually leads to the inefficiency. The delay occurs because of the following reasons:

1.      Too much bureaucratic administrative process.

2.   The inflexible laws or regulations and also sometime there are now laws in place that allow the programs to be executed. However, if there is an initiative to drat the laws, it will still take time to draft the laws.

3.   Unplanned working activities. For instance, when a program or a project has been agreed to be executed and must be finished in a certain period, this plan sometimes must be postponed because there is an urgent meeting or another activities that need to be finalized shortly.  

4.   Lack of experienced and skilled employees in both management and technical areas.

 This delaying process will eventually give impact on the execution of the budget as some of the programs might not be probably implemented at the end of the fiscal year. Thus, this leads to inefficiencies.

 

 Lastly, corruption is the common problems that all countries in the world are facing. Corruption in its various forms will definitely undermine the development of a country and also has a significant negative impact on the efficiency of public expenditure and productivity. Corruption and inefficiency can also be linked because when an individual who engages in this corruption practice, there will be an increase in inefficiency which means the dollar amounts that should be spent for the development of the country have been used for the personal purpose. Hence, inefficiency of public spending occurs. Let’s take a look an example of the case of Minister of Justice RDTL, Mrs. Lucia Lobato who was allegedly engaged in a corruption practice, in which she has been convicted and already jailed in 2013. Bribe is another instrumental component of corruption practice. If the corruption are not exist, the money would have been used efficiently for public interest such as upgrading the physical infrastructures by building the roads, bridges and buildings, improving health and education system and so on.

 

Alternative solutions that need to be considerably taken in order to tackle out the problems mentioned above and to make the budget efficiently spent are designing a template to record the cash flow forecasts, establishing a clear annual working plan including making clear goals, recruiting the right technical people to conduct the technical work activities, providing moral education to our children started from the basic schools, drafting the anti-corruption law.

 

First of all, by designing a template of the cash flow forecasts, the government will be able to predict the budget execution in a year so that the government will be able to forecast how much amount of dollar will be spent, how these dollar amount will be allocated in a certain each activity, when these budget spending will be appropriately executed and for what purposes these funds are going to be used so that the funds will not be used recklessly. Efficiency has also to do with the comparison between costs and benefit because the public spending will be said efficient when at a given the amount spent, it produces the largest possible benefit for the country’s population.

 

Secondly, it is necessary for each line ministry to make a clear annual working plan including clear goals and they must stick with the plan so that any potential overlapping and unplanned programs can be avoided. They also need to understand that the annual plan they are drafting in each year must reflect and be linked with the National Strategic Development Plan that had been drafted and launched by the government of Timor Leste. By making a plan, the line ministries will have the ability to determine whether the tasks may be attempted or not, to find out the most effective solutions how to reach the targets in efficient ways, to understand what are the best strategies, to have clear goals toward the future and have preparations to overcome any unexpected difficulties without absorbing more resources.

 

Another solution is that in the strategic management it is important to implement the concept “putting the right talented-skilled employees in the right positions” and this notion must be started implementing as earlier as possible. It is necessary to recruit the right technical people to conduct the activities that are related with their educational background and experiences in the related areas. If an institution is going to recruit the wrong technical people, this can adversely affect the business’ effectiveness and efficiency at performing some function.

 

Besides establishing a legal institution to fight the corruption such as establishing a commission Anti-Corruption institution, moral and ethical education should be introduced and taught in early childhood education so that our children will understand and be able to distinguish the bad and good behaviors because corruption, in this case, is considered as a bad behavior and it harms the country’s development. Also, the government needs to start thinking to draft the anti-money laundering laws in order to fight the money laundering practices.

 

Furthermore, the government also needs to provide better salary and incentives to its employees so that these employees will not engage in any form of corruption practices.

 

Another important factor is keeping the inflation as lowest as possible. Due to the rises in prices, any amount of income seems to be not sufficient enough for every individual. If the inflation rate is being kept low, the societies will have the purchasing power to sustain their lives.

 

Which areas are most important to increase the efficiency of public expenditures? Health, education and infrastructure are the most important areas. If the government is going to increase the budget execution and to prioritize to these sectors and off course the budget execution should be well organized and fully controlled, it will produce outcomes such as increasing the educated, skilled and qualified human resources, attracting more investors to invest in country, more literacy, increasing in human capital, good health system and so on.

 

Why education, health and infrastructure are so important?

 

Education is important because it is considered as an investment in physical capital for a country’s long-run economic success. For example, if an individual is well educated, that person might generate new ideas about how best to produce goods and services and these ideas eventually enter into society’s pool of knowledge so everyone can use them.

 

Health sector is considered as important also because if the people live in the good health condition, these people will be more productive in producing goods and services and if these people become more productive and more goods and services produced, it will give an impact in the increase of national economic growth.

 

Infrastructure is another important point. If the roads, bridges and buildings are built, the investors might come to build their businesses in country. The investors will not bear the costs to run their businesses in a country where the physical infrastructures remain poor.

 

To sum up, by establishing the cash flow forecasts, drafting clear annual working plan and clear goals as well as putting the system in place to tackle out the corruption, the inefficiencies of budget execution, in the future, might reduce. Furthermore, if good health and education system as well as the physical infrastructure put in place and if the government seriously to increase the budget spending in efficient ways in those areas and off course they need to seriously monitor and control these budget spending, these sectors will become important sectors that will trigger the increase of economic growth. Therefore, the budget execution on public interest will be efficiently used, and the outcomes will benefit to the people.

Inflasaun iha Timor-Leste – “causas, consequências e soluções”

Inflasaun iha Timor-Leste – “causas, consequências e soluções”

Cosme da Costa Araujo

Inflasaun sai tiha tópiku ida interesante durante debate orsamentu jerál estadu 2014. Ema hotu, iha bibán ne’ebá (to’o agora mós sei), koalia konaba inflasaun. Bibán ne’ebá sai hanesan kulminasaun husi halerik tomak ba inflasaun -  sasán folin a’as - ne’ebé kleur tiha ona ita hasoru, haré no rona.

Inflasaun laos akontese deit iha Timor-Leste. Nasaun seluk mos hasoru problema hanesan. Inflasaun ne’ebé mosu iha Timor-Leste hanesan konsekuênsia inevitável husi prosesu dezenvolvimentu nasionál.  Ho taxa kresimentu ekonómiku ne’ebé bo’ot, akompaña mos ho taxa inflation ne’ebe a’as.

Inflasaun laos buat a’at ida ne’ebé ita tenki halakon tiha kompletamente. Inflasaun laiha mós la diak ba dezenvolvimentu sósiu-ekonómiku nasaun ida nian, hanesan nasaun Japaun ne’ebé besik dékada rua ona hasoru hela problema deflasaun (sasán folin tun) ou inflasaun negativu. Nune’e mos nasaun dezenvolvidu sira seluk, hanesan Estadus Unidus Ámerika (EUA) no Reinu-Unidu (RU), agora dau-daun hasoru hela problema inflasaun ida ki’ik tebes. Sira tenta hela, liu husi polítika monetáriu no fiskál inklui quantitative easing iha EUA no RU no Abenomic iha Japaun, hodi hasae inflasaun ba nível ida razoável.

Inflasaun sai problema wainhira taxa inflasaun a’as liu tiha nível ida razoável, liu-liu inflasaun dubru díjitu hanesan iha Timor-Leste. Kauza prinsipál ne’ebé hamosu inflasaun maka dezekilibriu entre demanda no fornesimentu. Dezekilibriu iha ne’e refere ba demanda ba sasán ne’ebé a’as liu tiha fornesimentu ba sasán hirak ne’e ou fornesimentu la natón hodi hatán ba demanda ne’ebé a’as.

Ema barak, hahú husi ita nai-ulun to’o ba populasaun sira, ho fasilmente identifika causas do inflação  iha Timor-Leste. Balun temin produsaun rai-laran menus, portu Dili ki’ik no servisu la efisiente no efikás, dependensia a’as ba importasaun, manipulasaun sasán folin, limitasaun infra-estrutura, sirkulasaun osan, no sst. Kondisaun desfavorável hirak ne’e hotu kontribui liu tan ba dezekilibriu entre demanda no fornesimentu. PM Xanana Gusmão, iha debate orsamentu 2014, hateten inflasaun ne’ebe bo’ot mai husi fatores oi-oin. Nune’e ita fahe fatores oi-oin ne’e ba buat rua - fatór esternu no fatór  internu.

Fatóres esternus ne’ebé hamosu inflasaun maka hanesan – primeiru depresiasaun dólar. Wainhira valór dólar tun, sasán hirak ne’ebé ita sosa husi rai-liur nia folin sai karun. Ikus mai ita fa’an fali sasán hirak ne’e iha rai-laran ho folin karun liu tan. Sigundu inflasaun mosu tamba sasán, liu-liu sasán importadu, folin sa’e iha merkadu internasionál. Hetok wainhira ita nia ekonomia depende makas ba rai-liur, hanesan Dr. Mari Alkatiri dehan, maka ita sosa mos inflasaun. Ekonomistas hanaran ida ne’e inflação importado, katak inflasaun importa ou kauza ou sosa mai husi rai-liur.

Fatóres internus ne’ebé hamosu inflasaun maka hanesan – primeiru limitasaun fornesimentu. Ida ne’e refere ba kapasidade ekonomia rai-laran ne’ebé la natón hodi hatán ba aumentu iha demanda iha rai-laran. Nune’e wainhira ema barak iha Timór iha kapasidade hodi sosa sasán, maibe fornesimentu (inklui produsaun rai-laran) ba sasán hirak ne’e la natón, maka sasán hirak ne’e nia folin sei sa’e a’as. Vice MdF Santina Cardoso mós konkorda hodi dehan inflasaun sa’e tamba kuantidade produsaun iha rai-laran laiha.  Nune’e mós Ministru MCIA Antonio da Conceição, inflasaun mosu tamba Timór seidauk bele prodús rasik. Limitasaun fornesimentu (tamba produsaun rai-laran laiha ou Timór seidauk bele prodús rasik) halo fornesimentu la natón hodi hatán ba aumentu iha demanda, ikus mai halo sasán folin sa’e.

Sigundu bottlenecks liu-liu limitasaun infra-estruras bázikas impede atividades ekonómikas lao efikás no efisiente. Impedimentus sira hanesan portu Dili ki’ik no servisu la efikás no efisiente, estradas la-diak, no sst maka kria in-efisiensia, ne’ebé ikus mai hamosu kustus deznesesáriu (selu multa, kustu transporte a’as). Ministru MCIA Antonio da Conceição dehan portu no estradas ne’ebé seidauk iha kondisaun kontribui mós ba inflasaun. Wainhira vendedores nia sasán tarde iha portu Dili (tamba portu ki’ik), no hetan multa obrigatório de morante, ikus mai sira transfere multa hirak ne’e ba konsumidores liu husi hasae sasán nia folin. No wainhira sira lori sasán hirak ne’e ba distritus ho kustus transportes karun (tamba estradas la-diak), entaun folin sasán ne’ebé sira fa’an sei la hanesan ho folin ne’ebé sira sosa. Vendedores hasae sasán folin hodi rekupera fali kustus deznesesárius hirak ne’ebé sira hasai.

Terseiru, inflasaun mós mosu tamba montante osan nebe’e sirkula iha rai-laran bo’ot, maibe ekonomia rai-laran laiha kapasidade hodi absorve osan hirak ne’e. AJ Cunha hateten katak jumlah uang yang beredar sai hanesan pemicu ba inflasaun. Nune’e mós Deputadu Virgilio hateten ho osan barak nebe’e tun ba iha kraik, halo vida konsumu aumenta, (maibe fornesimentu la aumenta), nune’e inflasaun sa’e makas iha ita nia rai-laran.

Kuartu, iha mos indikasaun katak inflasaun mosu tamba manipulação do mercado. Manipulasaun iha ne’e refere ba hahalok vendedores ou fornesedores malandru balun ne’ebé mes-mesak ou hamutuk halo manipulasaun hodi hasa’e sasán folin.

Inflasaun ne’ebé a’as, liu-liu inflasaun dubru-díjitu sei fo consequências negativas ba dezenvolvimentu sósiu-ekonómiku povu ida nian liu-liu hamenus poder de compras konsumidór nian no kompetitivadade ekonómika nasaun nian.

Inflasaun ne’ebé a’as redúz poder de compras ou purchasing power ou daya beli konsumidór nian. Nune’e, ho osan (montante) hanesan, kuantidade sasán ne’ebé ita sosa sei menus ou ita presiza osan barak liu tan hodi sosa sasán ho kuantidade hanesan. Inflasaun hatodan liu povu ki’ik, tenik emprezariu Timór oan – Julio Alvaro. Nune’e ema kiak ho rendimentu fixu maka sei sofre liu tamba maioria husi sira nia rendimentu aloka ba sosa nesesidade bázika. Ho inflasaun, sira nia saláriu sei la natón atu sustenta sira nia família. Tamba inflasaun desvaloriza saláriu nominal hanesan Dr. Mari Alkatiri dehan. Maibé, solusaun ba problema ida ne’e laos liu husi hasae saláriu. Tamba sé halo nune’e sei kria deit espiral do inflação. Katak ho hasae saláriu sei hasa’e liu tan inflasaun no ikus mai ita tama ba iha ciclo do diabo ida laiha rohan.

Inflasaun ne’ebé a’as sei redúz kompetitivadade ekonómika Timor-Leste nian kompara ho parseiru komersiantes sira seluk. Ho inflasaun inputs costs sei aumenta, nune’e ikus mai prodúz produtu finais ne’ebé karun. Nune’e Timór oan sira sei prefere sosan sasán importadu (manu Timór vs ayam potong, fós-rai vs fós importadu) tamba baratu no iha rai liur ema estranjeiru sira sei la sosa produtu Timór nian tamba karun.

Fásil tebes atu idenfitika causas do inflação  iha Timor-Leste, maibe defísil tebes buka solusaun ba problema inflasaun ne’e rasik. Planu Estratéjiku Dezenvolvimentu hatúr ona katak taxa inflasaun entre 4-6 pursentu maka nivel inflasaun ida razoável ba dezenvolvimentu ekonómiku Timor-Leste nian ne’ebé diak. Ida ne’e laos tárjetu ida fásil maibe mós laos imposível.

Hanesan temin iha leten, inflasaun mosu tamba dezekilibriu entre demanda no fornesimentu - fornesimentu ne’ebé la natón hodi hatán ba demanda ne’ebé a’as. Nune’e solusaun ba inflasaun ne’e rasik tenki haré liu ba oinsa hadiak no hasae fornesimentu. Ita haré fásil, maibe defísil tebes atu atinji objetivu ida ne’e. Defísil tamba – primeiru ida ne’e rekere aproximação integrada involve parte hotu-hotu, laos Governu ou MCIA deit, maibe mós seitor privadu no populasaun tomak,  no-sigundu presiza tempu ida naruk, laos tinan ida ka rua, hodi rezolve asuntu refere.

Tuir mai ne’e soluções alternativas nebe’e hau senti bele kontribui ba hamenus problema inflasaun a’as iha Timor-Leste. Primeiru, autoridade kompetente liu-liu MCIA kontinua nafatin ho sira nia esforsu tomak ne’ebé halao hela liu husi halo intervensaun ba merkadu hanesan inspeisaun ba loja, hamosu tabela do preço, no loke loja do povo. Governu intervein tamba merkadu la funsiona lolós tuir mecanismo do mercado; liu-liu tamba manipulação do preço. Polítika ida ne’e hanesan medida temporária deit hodi hein soluções seluk nebe’e diak liu, adekuadu no sustentável. Polítika intervensau merkadu la bele kontinua permantemente, se lae bele hamosu konsekuênsias tolu – primeiru governu tenki asumi kustus tamba subsídiu ne’ebé fo, liu-liu ba loja do povo; - sigundu dezinsentiva fornesedores sira hodi halo negósiu no – ikus liu hamosu black market iha ne’ebé sei iha nafatin fornesedores malandru balun ne’ebé sei kontinua sub-subar manipula sasán folin ba komsumidores sira ne’ebé desperadu tebes.

Sigundu, presiza mos tau matan no fo prioridade a’as ba hadiak kondisaun desfavorável ou bottlenecs sira hanesan limitasaun infra-estruturas bázikas. Enkuantu hein konstrusaun Portu Tibar, Ministériu Transporte no Infra-Estrutura presiza hadiak kondisaun portu Dili no buka meius oinsa halais atrakamentu no deskaregamentu ba ró sira ne’ebé barak antri hela iha tasi laran. Husu ba funsiunáriu sira iha Portu no Alfândega servisu 24 oras nia laran inklui mos loron sábadu, domingu no feriadu.  Bele mós diak liu kontrata tiha servisu portu Dili nian ba seitor privadu. Sé halo nune’e hau fiar bele hamenus tiha ró barak ne’ebé antrian hela iha tasi laran. Ministeriu relevantes tenki tau matan mos ba infra-estrutura bázika sira seluk hanesan estradas hodi nune’e bele hamenus kustus transportes, mas liu-liu fasilita movimentu produtu ba iha merkadu.

Terseiru, redús montante sirkulasaun osan iha ekonomia. Sé ita iha osan rasik no ita nia seitór finanseiru funsiona ho diak, ita bele halo intervensaun liu husi polítika monetária – hasae taxa de juros. Timor-Leste, tamba seidauk iha osan rasik, la bele halo intervensaun polítika monetária, liu-liu hodi hatán ba fatores esternus ne’ebe hamosu inflasaun.

Iha kazu Timor-Leste nian, orsamentu jeral estadu sai hanesan fonte ba sirkulasaun osan iha ekonomia. Nune’e ita bele intervein liu husi polítika fiskál. Iha ne’e hau la propoen atu hasae taxa tamba ho taxa ne’ebé a’as bele hamate investimentu. Evidensias tinan 2012 no 2013 hatudu katak governu tau ona iha konsiderasaun limitasaun kapasidade ekonomia rai-laran, limitasaun kapasidade ekzekusaun no konsekuênsia ba inflasaun, nune’e governu desidi redúz montante orsamentu 2014. Iha redusaun ba tinan ida ne’e no tinan hirak oin mai, tenki fo liu atensaun ba redús no prevene aumentu iha despezas rekorente, tamba despezas rekorente fo impaktu bo’ot liu ba inflasaun kompara ho despezas ba kapital dezenvolvimentu.

Dalan seluk ne’ebé ita bele halo maka enkoraja ou se bele karik obriga sidadaun hotu atu poupa osan ne’ebé sira simu ba tau iha banku ka ba investimentu sira seluk, duke uza ou gasta osan hirak ne’e ba buat sira ne’ebé la fo retornu ekonómiku hanesan halo-lia. Liu husi poupansa, ita bele redús sirkulasan osan tamba ema sei konsume menus, nune’e hamenus demanda ba sasán sira. Poupansa hirak ne’e mos bele kria fali multiple effect seluk liu husi (banku) finansiamentu atividadades produtivus sira seluk.

Solusaun ikus no importante liu maka oinsa hasae fornesimentu ne’e rasik. Komesa hanoin ona identifika produtus, liu-liu nesesidadades bázikas hirak ne’ebé maka ema barak sosa ou konsumu, no bele subtitui no prodús rasik iha rai-laran. Ita hanoin uluk oinsa asegura fornesimentu sufisiente ba merkadu rai-laran, no iha tempu hanesan mos hanoin ona konaba polítika subtituisaun importasaun no ikus liu maka ita haksoit ba esportasaun. Iha faze ida ne’e, seitor públiku tenki hahú no ajuda seitor privadu hodi fo asistensia téknika no finanseiru, no liu-liu kria kondisaun favorável hodi atrai investidores (rai-laran no rai-liur) hodi mai investe iha seitor naun-petrolíferu, laos mai hadau malu fali projeitus governu nian sira. Laos seitor públiku, maibe seitor privadu maka tenki sai autor prinsipal hodi hasae fornesimentu ne’e rasik.

Hau mos propoin liu husi meiu ida ne’e atu tau kláuzula ida iha kontratu ne’ebé obriga emprezariu sira, liu-liu emprezariu lokal sira nebe’e hetan ona projeitu governu nian, hodi aloka no investe persentajen balun husi sira nia rendimentu ba iha investimentu seitór produtivu. Halo nune’e sei asegura sira nia sustentabilidade wainhira projeitu governu nia remata ona no iha tempu hanesan bele ajuda hasae fornesimentu rai-laran no hamenus dependensia ba importasaun.

Atu remata, inflasaun mosu tamba dezekilibriu entre demanda no fornesimentu – demanda a’as liu tiha fornesimentu. Inflasaun laos buat ida la-diak, maibe inflasaun ne’ebe a’as, liu-liu inflasaun dubru-díjitu, sei hamosu konsekuênsias negativas ba dezenvolvimentu sósiu-ekonómiku nasaun ida nian. Fásil tebes atu identifika causas do inflação, maibe defísil tebes atu buka solusaun ba inflasaun ne’e rasik tamba ida ne’e rekere aproximação integrada ne’ebé involve parte hotu-hotu no liu-liu presiza tempu naruk no displina hodi rezolve problema inflasaun ne’e rasik.

Taur Matan Ruak – “Xanana Foun” Timor-Leste

Taur Matan Ruak – “Xanana Foun” Timor-Leste

Cosme da Costa Araujo

Iha ailaran ami dehan Xanana ba tiha komarka,

Xanana foun mosu mai.

Agora mós hanesan Xanana katuas rezigna-a’an,

Xanana foun mosu mai.

(Jeneral Lere Anan Timur)

Xanana deklara rezigna-a’an - ita nia maun bo’ot Kay Rala Xanana Gusmão, eis gerileiru, lider karismátiku no atual Primeiru Ministru, durante debate públiku ida iha loron 11 Novembru 2013, iha Centro Convenção de Dili, liu husi transmisaun direita (rádio no televizaun) ba povu tomak iha teritóriu Timor-Leste, foti desizaun ida nebe’e halo ita hotu hakfodak, katak nia sei rezigna-a’an husi ninia kargu hanesan primeiru ministru iha 2015. Ikus-ikus ne’e, Xanana rasik dehan nia sei rezigna-a’an iha tinan ida ne’e nia rohan, Setembru 2014. Tuir Xanana, desizaun ida ne’e irreversível katak sei la muda tan ona.  Hahú husi nebá, ita hotu komesa preokupa no husu ba malu; primeiru - tamba sá Xanana rezigna-a’an?, no segundu no importante liu - sé lós maka sei troka Xanana?

 Tamba sá Xanana rezigna-a’an? - hatán ba pergunta ida ne’e, Xanana rasik dehan nia rezigna-a’an hodi fo tempu no fiar ba jerasaun foun hodi kaer ukun no kontinua estafeta luta naruk ba dezenvolvimentu nasional. Tenik tan Xanana, jerasaun tuan sei la deskansa, maibe dezempenha fali funsaun ida diferente hodi tau matan ba asuntu importante seluk (hanesan desentralizaun, dezenvolvimentu integradu no sst).

Hatán ba pergunta hanesan, ita hetan mós respostas oin seluk. Balun dehan  Xanana rezigna-a’an tamba nia kolen. Hau interpreta liafuan “kolen” ne’e ba buat rua. Primeiru, Xanana kolen fízikamente no psikolojikamente. Xanana serví nasaun ida ne’e iha tinan barak nia laran. Durante tinan 24 nia laran, Xanana pasa tempu barak iha ailaran no kadeia hodi halo funu, hanoin, no planea estratéjia ba funu hodi libertar a pátria. Hafoin ukun rasik a’an, Xanana mós kontinua hanoin, planeia, no implementa planu estratéjiku ba dezenvolivmentu nasional hodi libertar o povo. Buat hirak ne’e hotu halo nia fízikamente no psikolojikamente kolen. Ho tan nia idade nebe’e aumenta, nia kolen duni.

Segundu, liafuan kolen hanesan metáfora ou soe-lia ou sindiran ida ba servisus membrus governu nian hirak nebe’e, tuir hau nia haré, la tuir planu ou lao sabraut, nune’e la atinji objetivu determinadu. Tuir Vicente Maubosy, membrus governu laiha efisiensia, laiha produtividade no outputs mínimu. Membrus governu sira, hanesan Mari Alkatiri dehan, preokupa liu maka kompete hodi buka protagonismo no imajen hanesan estrelas ou bintang iha TVTL. Pior liu maka ministrus balun ema diskonfia koruptu, hadau malu servisu ou la hatene halo saida lós, prátika hahalok imorál – baku fe’en, iha fe’en barak, selingkuh tiha pois foto tan no sst. Tan ne’e, tuir Maubosy, buat hirak ne’e hotu halo Xanana triste, hirus no frustasi. Xanana kolen ona ho nia membrus sira.

 Iha mós espekulasaun seluk nebe’e mosu, liu-liu husi Mario Carasscalão, katak Xanana rezigna-a’an hodi hadiak kondisaun hafoin nia aparecer em grade hodi implementa ninia mehi – libertar o povo – nebe’e fo-sai iha planu estratéjiku dezenvolvimentu nasional. Tuir Mario, Xanana ninia mehi hirak ne’e – criar uma sociedade mais justa – to’o agora seidauk implementa tuir nia hakarak. Xanana sei la desaparecer completamente de cena, maibe sei fila fali mai, em outras formas de intervenção, hodi finaliza buat hotu nebe’e nia hahú tiha ona, maibe seidauk remata.  

             Sé lós maka sei troka Xanana? – ema barak liu-liu analista sira, media (nasional no internasional), desde Xanana deklara rezigna-a’an, komesa sik-tun-sae no fo-sai sira nia prediksaun konaba sé lós maka sei troka Xanana.  Balun temin Agio Pereira, Deonisio Babo Soares, Bendito Freitas, Fernando Lasama, Jose Luis Guterres, no mos Dr. Rui Araujo hanesan kandidatu forte hodi troka Xanana. Tuir sira, figuras hirak ne’e maka iha potensialidade hodi troka Xanana hanesan primeiru ministru. Maibe Agio Pereira rasik dehan wainhira nia husu pergunta hanesan, Maun Bo’ot hatan katak – pergunta ne’e sala. Pergunta lolós maka Timor-Leste bele prodús Xanana hira? Liga ba Jeneral Lere nia lia husu karik – Xanana foun hira maka bele mosu mai hodi troka Xanana katuas. 

 

Hamosu Xanana foun? – husi diskusaun hirak nebe’e ita iha to’o ohin loron, ita haré no preokupa liu ba lideres hirak nebe’e sei troka Xanana hanesan primeiru ministru. Ho liafuan seluk, ita preokupa ho pergunta sala. Ita preokupa liu ba pozisaun primeiru ministru nebe’e sei mamuk ou vácuo iha tempu badak ne’e nia laran. Ita seidauk fo resposta diak ida ba Jeneral Lere nia lia-husu hamosu Xanana foun. Liafaun Xanana foun, tuir hau nia interpretasaun, signifika Xanana as the whole package ou Xanana hanesan pakote ida.  Xanana-primeiru ministru ne’e hanesan parte integrante ida husi Xanana pakote ida. Tamba ne’e iha figura barak nebe’e iha potensialidade hodi troka Xanana-primeiru ministru, maibe susar tebes atu hetan figura ida hodi troka Xanana hanesan pakote ida kompletu. Ida ne’e maka Jeneral Lere nia hakarak - hamosu Xanana foun nebe’e transende Xanana-primeiru ministru.

Taur Matan Ruak - Xanana Foun Timor-Leste - durante ne’e wainhira koalia konaba papél jerasaun tuan iha prosesu transferênsia lideransa ba jerasaun foun, maun bo’ot Xanana sempre temin ami nain ha’at, iha nebe’e nia refere ba Ramos Horta, Mari Alkatiri, Lu-Olo no nia a’an rasik. Nune’e mos Ramos Horta, wainhira koalia konaba jerasaun tuan, nia temin –Xanana Gusmão, Mari Alkatiri, Lu-Olo, Jeneral Lere no nia a’an rasik. Lideres nain rua ne’e no sira seluk (intensionalmente ou lae) la temin Taur Matan Ruak hanesan jerasaun tuan. Sé nune’e tamba sá ema la temin Matan Ruak hanesan jerasaun foun? Hatan ba pergunta ida ne’e, ita hetan respostas rua. Primeiru, pozisaun atual Matan Ruak hanesan prezidente repúblika maka ekslui tiha nia husi diskusaun durante ne’e. Segundu, durante ne’e ema haré liu ba figura ida nebe’e sei troka Xanana-primeiru ministru iha tempu badak nia laran. Ema haluhan tiha haré ba oin, ba tempu naruk. Wainhira koalia konaba futuros líderes nebe’e iha potensialidade hodi troka Xanana hanesan pokote ida maka hau fiar no ema hotu sei konkorda katak Matan Ruak nia naran mos sei tama iha diskusaun nia laran.

 

Tamba sá Taur Matan Ruak maka ita nia Xanana Foun? – argumentu prinsipál husi artigu ida ne’e maka Taur Matan Ruak maka Xanana Foun Timor-Leste. Tuir mai ne’e razaun hirak nebe’e (no sei barak tan) nebe’e hau foti hodi suporta hau nia argumentu. 

Matan Ruak Hadomi Nasaun Timor – Matan Ruak, hanesan mós Xanana, hadomi tebes nasaun Timor. Ida ne’e hatudu liu husi nia luta naruk durante tinan 24 nia laran (iha ailaran) hodi defende prinsípiu ukun rasik a’an. Hanesan ho Xanana, nia husik buat hotu; familia, riku-soin, no moris diak sira seluk, hodi moris terus iha ailaran hodi fo a’an tomak - patria ou morte - ba nasaun ida ne’e. Matan Ruak hatudu nia domin ba nasaun ida ne’e hodi hamutuk ho povo fakar ran ba ukun rasik a’an.

Matan Ruak hadomi povu Timor – Matan Ruak, hanesan mós Xanana, hadomi tebes povu Timor. Haré ba povo Timor nebe’e terus iha tempu kolonialismu no liu-liu tempu okupasaun estranjeira, halo nia fo a’an tomak dedika deit ba misaun ida – libertar o povo. Hafoin hetan tiha ukun a’an, Matan Ruak, hanesan mós Xanana, la tu’ur hakmatek deit, maibe kontinua fali funu ida seluk nebe’e todan liu, funu ba dezenvolivmentu nasional hodi liberta povu husi kiak no mukit, ba sosiedade ida justa iha nebe’e ema hotu, laos ida rua deit, goja ukun rasik a’an ida ne’e. Matan Ruak husik nia pozisaun diak hodi ba hamutuk ho povu hisik kosar ba moris diak.  

Matan Ruak, nune’e mós Xanana, hahú ninia servisu hanesan presidente repúblika hodi vizita povu sira iha áreas remotas hodi agradese ba sira nebe’e tulun nia durante funu iha ailaran no mós rona sira nia halerik. Matan Ruak, nune’e mós Xanana iha 2002-2006, senti katak agora ne’e nia labele halo buat ida ba povu nia halerik no buat a’at sira nebe’e nia haré no la gosta, maibe nia sei fila fali mai hanesan Xanana Foun hodi hamutuk dala ida tan ho povu hisik kosar ba moris diak. Matan Ruak rasik dehan independensia seidauk kompletu no funu ba prosperiedade sei todan liu funu ida uluk, tamba ne’e nia sei fila fali mai hanesan Xanana Foun hamutuk ho povu hodi inspira sira kontinua nafatin ispíritu funu ida uluk ba iha prosesu dezenvolvimentu nasional. 

Matan Ruak hakuak ema hotu. Matan Ruak, hanesan mós Xanana, nuda’ar kandidatu independente nebe’e hetan suporta husi ema hotu wainhira kandidata a’an ba prezidente repúblika. Matan Ruak hakuak no hetan fiar husi ema hotu – veteranus, klandestina no liu-liu povu Timor oan hotu. Hanesan Fidelis Magelhaës rasik dehan povu haré Matan Ruak hanesan sira nian rasik. Liafuan sira nian rasik signifika katak povu konsidera Matan Ruak mai husi sira, hamutuk ho sira, no sei fila fali hodi serví sira.  Nune’e Matan Ruak, hafoin Xanana, maka figura ida nebe’e bele halibur forsas polítika hotu. Hanesan Xanana dehan hamutuk ita bele, Matan Ruak mós nune’e – hamutuk ita bele halo Timor-Leste nakfilak ba nasaun ida prósperu, forte no seguru. Matan Ruak, hanesan mós Xanana, bele sai símbolu unidade nasional.  

Matan Ruak simples, haraik a’an no iha integridade a’as. Matan Ruak, hanesan mós Xanana, ema ida simples, fasil atu hasoru, la formal liu, koalia no halimar ho ema hotu no la foti a’an. Matan Ruak iha integridade nebe’e a’as. Úniku lider nebe’e publika nia riku-soin ba povu tomak hodi haré. Hahalok ida ne’e simplesmente hatudu katak nia iha duni komitimentu hodi funu hasoru prátika korupasaun. Iha ninia vida familiar, Matan Ruak lao tuir lolós lalaok familia nazaré. Iha tempu agora nebe’e moral iha uma laran komesa naksobu (divorsiu a’as, fen barak, selingkuh, esploitasaun ba feto), Timor presiza lider hanesan Matan Ruak hodi fo inspirasaun no ijemplu ba nasaun ida ne’e, nebe’e agora daudaun atravesa hela fenómena degradasaun moral.  

Matan Ruak fo prémiu ba buat diak no kastigu buat nebe’e a’at. Diferensia entre Matan Ruak ho Xanana maka, Xanana hadomi liu povu Timor tamba ne’e maske ema halo salan nia tanis no perdua deit sira. Matan Ruak oin seluk, nia hahí ou louva buat nebe’e diak, maibe nia kritika buat nebe’e a’at. Ijemplu nia kritika funsiunáriu sira nebe’e servisu baruk ten, husu governu labele fo projeitu ba veteranus sira, lamenta uma MDGs nebe’e laiha kualidade, sujere kriminaliza kompanias nebe’e halo projeitu laiha kualidade no sst. Matan Ruak hatene lolós karakter Timor nian, nebe’e kuandu ita halimar ho sira, sira sae fali ita nia ulun.  Timor presiza lider hanesan Matan Ruak. Lider ida nebe’e tenki koalia maka’as, fo sansaun, la tolera sala sira, no fo prémiu no hahí ba buat sira nebe’e diak.  

Matan Ruak iha vizaun no planu klaru ba Timor-Leste. Hanesan Xanana ho ninia Planu Estratéjiku Dezenvolvimentu Nasional, Matan Ruak mós iha vizaun ida klaru ba Timor-Leste. Nia hakarak Timor ida forte, prósperu no seguru. Matan Ruak hakarak Timor-Leste la depende ba mina no gas, tamba nia fiar osan husi mina no gas halo ema sai baruk. Atu atinji objetivu ida ne’e, Matan Ruak fo prioridades ba dezenvolvimentu iha área produtivu, hasae kualidade edukasaun, harí infraestruras bázikas, hametin no habelar direitus ba rai, harí no hadiak boa governasaun, implementa desentralizasaun hodi lori dezenvolvimentu ba áreas rurais, no hametin justisa sosial. Matan Ruak, hanesan mós Xanana, iha mehi ida klaru atu lori Timor-Leste ba nebe’e. Matan Ruak iha ona hanoin, planu oinsa dezenvolve Timor hodi sai Timor ida forte, prósperu no seguru. 

Matan Ruak bele fasilita “uma transição suave de liderança”. Iha prosesu transferensia lideransa, ita presiza middleman ida hodi fasilita tranzisaun lideransa diak husi jerasaun tuan ba jerasaun foun. Haré ba jerasaun foun barak nebe’e seidauk preparadu em termos esperiensia, matenek, no liu-liu mentalidade (tamba ema barak haré jerasaun foun hanoin sira nia a’an deit hodi buka riku no sst), maka ita presiza duni figura hanesan Matan Ruak hodi fasilita prosesu ida ne’e lao ho diak. Timor presiza lider hanesan Matan Ruak atu prepara didiak jerasaun foun, hadiak sira mentalidade, haklean sira nia esperiensia no matenek, hametin sira nia ispíritu hodi serví povu laos sira a’an, hafoin maka bele fo responsabilidade ba sira.  

Hanesan Raul Lemos no feto foun Timor-Leste Krisdayanti dehan sosok Xanana Gusmão dan Taur Matan Ruak masih sangat dibutuhkan rakyat Timor-Leste (povu Timor-Leste sei presiza tebes nafatin figura hanesan Xanana Gusmão no Taur Matan Ruak). Liafuan sangat hatudu hakaran ida bo’ot husi povu Timor ba lider rua ne’e ninia envolvimentu iha prosesu tomak Timor-Leste nian. Matan Ruak hatudu ona katak nia (1) hadomi tebes nasaun no povu Timor, (2) hakuak ema hotu, (3) simples, haraik a’an no iha integridade a’as, (4) hahí buat diak no kastigu buat a’at, (5) iha vizaun no planu klaru ba Timor no (6) bele fasilita tranzisaun diak ba prosesu transferensia lideransa no sst.  Ho razaun hirak ne’e no sira seluk tan maka hau haré no ema hotu sei konkorda katak Taur Matan Ruak maka Xanana Foun Timor-Leste nian.

Uluk iha ailaran Xanana ba tiha komarka, Matan Ruak mosu mai, agora mós hanesan Xanana katuas rezigna-a’an, Matan Ruak mosu mai hamutuk ho povu dalan ida tan hisik kosar ba luta naruk hodi “libertar o povo” ba Timor-Leste ida forte, prósperu no seguru.

 

The Ministry of Finance organized a series of information sessions on the role of Petroleum Fund in the national development process

Dili – The Petroleum Fund Administration Unit (PFAU) of the Ministry of Finance (MoF) organized a series of information sessions on the Role of Petroleum Fund in the National Development Process. The first session was held on the 3^rd of August 2013 at the Ministry of Finance Knowledge Centre and was attended by members of the V Constitutional Government. The second session was on the 5^th of August 2013 for representatives of civil society and university students. The third session was on the 7^th of August 2013 attended by General Directors and National Directors of the public service.

The main objective of these information sessions were to share with the participants the important role played by the Petroleum Fund in the Timor-Leste national development process. Three main topics were discussed; (1) update on the Petroleum Fund investment strategy, and (2) update on the Petroleum Fund investment performance, and (3) introduction to the benefits framework analysis.

Ms. Emilia Pires, Minister of Finance, in her brief intervention, drew the participants’ attention to the significant dependence of the state on the nation’s petroleum resource. Revenue from the petroleum sector supports 90% of the state budget. She further added that all public promises that are made should take into consideration the forecasted future costs and the sustainability of financing. In response to this concern, she informed the participants that the Ministry of Finance is in the process of conducting a comprehensive benefit framework analysis to look at the costing of all public promises that have been made by the government.

Mr. Cosme da Costa Araujo, a staff in the Ministry of Finance, started the first presentation with a slide highlighting that the objective of having a Petroleum Fund is to benefit both current and future generations of Timorese. This objective was established in the preamble of the Petroleum Fund Law. He further stated that the Petroleum Fund can benefit Timorese in two ways. Petroleum revenues are spent and invested domestically through the annual state budget process, of which money are allocated to pay for goods and services, social transfers, and also to invest in physical infrastructures and capacity development. Spending and investing domestically benefit the current, but also future generation of Timorese. Meanwhile unspent petroleum revenues are invested in financial instruments located abroad. Investment in financial instruments generates additional financial return that provides opportunities for future generations to spend on their priorities and needs.

On investment strategy, Sr. Cosme reminded the participants that the fundamental reason for changing the Petroleum Fund Law, which was approved in 2011, was to diversify the Petroleum Fund investment to enable the alignment between the investment policy and fiscal policy. In other words, as he further explained, with the new strategy of 60% investment in bonds, and 40% in equities, there would be a reasonable probability that in long-run, the Fund could achieve a real return of 3%, which is matched to the 3% ESI (Estimated Sustainable Income), the guideline for annual transfers to the state budget.

With regard to petroleum investment evolution, Mr. Cosme updated the participants that as of the end of 2012, 74% of the Fund’s assets were invested in the United States Government Bonds and 26% were invested in developed market equities. The Ministry of Finance, on behalf of the Government, decided to continue to increase the equities exposure to 40%. This targeted exposure is planned to be achieved by the end of June 2014. In addition, the Fund will diversify 10% of its bond portfolio to international sovereign bonds ex-US.

In relation to the investment process, Sr. Cosme made an important comment, which was that investing is complex and involves detailed and comprehensive analysis. Financial investing is a long-term and systematic process that requires clear objectives and discipline. Ad-hoc decisions are unlikely to pay off over time. In addition, any investment decision should balance four important factors (1) speed, (2) ability, (3) quality and (4) cost.

In the second presentation, Mr. Peter Ryan-Kane, from Towers Watson, an external advisor to the Ministry of Finance on the Petroleum Fund, mentioned that since the inception, the Fund’s annual investment return has been positive. But he also reminded the participants that this reality will not hold permanently, meaning that the Fund may see some negative returns in the years to come. But he reassured them that as long-term investor, short-term fluctuations in value are less important, because these are the risks that the Fund is willing to take in order to gain a higher return in the long-run.

Mr. Peter also explained that there are three key risks that the Fund faces. The first is the risk that the Fund earns less than 3% return. Therefore, to manage this risk he suggested continuing to develop the investment strategy. The second risk is reputation risk. Therefore, to mitigate this risk, he emphasized the need for a strong governance standard, using a sound international investment process, having a formal process for considering proposals from third parties, and formal sign off procedures. The third risk is the risk of losing money. The strategy to manage this is by spreading the investments across multiple asset types, countries, currencies, and managers, and using custodian bank and external fund managers wisely.

In his last presentation, Mr. Peter talked about the relationship between the budget process, sources of funding and promises. He stated that all the promises that we make today will have implication on the future costs. He said that some budget items have a current cost, but do not contain a future promise, for example health, education and security. Other budget items have both a current and future cost, for example payments for veterans. Some items have only a future costs, for example pensions promised to civil service when they retire. Therefore, he suggested that the costs of these promises should be quantified and their implication on future costing should be considered. In response to this concern, Mr. Peter reiterated Minister’s early statement that the Ministry of Finance is going to conduct a benefit framework analysis to look into the costs of all promises made by the government.

The information sessions were concluded with Mr. Cosme reminding the participants of the important role played by the Petroleum Fund in the Timor-Leste national development process. By participating in these sessions, it was hoped that the participants can contribute, directly or indirectly through their day-to-day work, to ensure that the nation’s petroleum wealth is managed and spent in a way that brings the most benefit to both current and future generations of Timorese.

 

source:https://www.mof.gov.tl/the-ministry-of-finance-organized-a-series-of-information-sessions-on-the-role-of-petroleum-fund-in-the-national-development-process/?lang=en

 

2012 Asian Investment Summit

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Asian asset owners talk allocation issues

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