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Press Release
Meeting of the Council of Ministers on October 26th, 2022
The Council of Ministers met, at the Government Palace, in Dili, and approved the draft Government Resolution, presented by the Coordinating Minister for Economic Affairs, Joaquim Amaral, which approves the Policy and Strategy for the Private Sector.
This legislative intervention aims to achieve the expansion of the private sector, as the main driver of economic growth and unemployment reduction, by improving the business environment, diversifying the national economic base and promoting social and economic inclusion.
A Business Development Council is envisaged, comprising the various government entities relevant to this area, which will be responsible for the creation and expansion of companies, training programs, and business development centres. This Council will also have the task of developing special programmes for the revitalization of small and medium-sized national companies.
The coordination and implementation of this policy will be the responsibility of the Government member responsible for the coordination of economic affairs, in collaboration with the other members of the Government responsible for areas relevant to private sector development.
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Two National Parliament draft Resolutions, presented by the Minister of Foreign Affairs and Cooperation, Adaljiza Albertina Xavier Reis Magno, for the approval of the Air Services Agreements between the Democratic Republic of Timor-Leste and the Republic of Indonesia and the Republic of Singapore, were also approved.
The main objective of these agreements is to ensure regular commercial flights between Timor-Leste and Indonesia and Singapore and to promote the development of the economic, commercial and tourism sectors of these countries.
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The Council of Ministers, according to the projects presented by the Minister of Public Works, Abel Pires da Silva, decided to authorize the procurement procedures for the public works related to the Manleuana River Training Works and the D04 Drainage Network construction projects, in Caicoli, with a total joint investment value of US$ 15.6 million. …..
The Council of Ministers also decided to authorize the expenditure on behalf of a deposit contract with the National Bank of Commerce of Timor-Leste for the implementation of the Credit Line “Fasilidade Garantia Crédito Suave” (Soft Credit Facility Guarantee) and the transfer of US$ fifty million from the treasury account to the bank account opened under the terms of that contract. The draft resolution was presented by the Minister of Tourism, Commerce and Industry, José Lucas do Carmo da Silva.
The “Fasilidade Garantia Crédito Suave” Credit Line aims to establish a credit guarantee on loans to be granted by banking institutions to micro, small, medium and large companies, aiming to set a remunerative interest rate that will improve the conditions of access to credit by companies operating in the domestic market.
This credit line is financed by an appropriation of US$ fifty million, included in the 2022 General State Budget. END