Government launches integrated information and financial management system

Thu. 08 of February of 2018, 18:10h

The Timorese Government announced the integration of the Government Resource Planning (IFMIS-GRP) and automatic transfer systems, called the "Real-Time Transfer Network" (R-Timor), at a ceremony held on Thursday, February 8th, at Ministry of Planning and Finance in Dili.

This system will allow the Central Bank, the National Bank of Commerce of Timor-Leste (BNCTL) and the Ministry of Planning and Finance to interconnect, automating state payments and State revenues.

In his speech, the Governor of the Central Bank of Timor-Leste, Abraão de Vasconcelos, said that it was "an historic day for Timor-Leste" and according to the Bank for International Settlements, only seven other countries had a direct link between the governmental system and interbank payments system.

The Minister of Planning and Finance, Rui Augusto Gomes, acknowledged the full commitment of the Vice Minister of Planning and Finance, Sara Lobo Brites, towards the success of this interconnection between the systems, through her work as Vice Minister and as Vice Governor of the Central Bank.

Rui Gomes also pointed out "the benefits, to the State, of an automated, safe and credible system that will allow a much faster payment processing of salaries, payments to companies, transfers for the elderly, veterans and scholarship holders."

The Prime Minister Marí Alkatiri stated that the interconnection between the GRP and R-Timor systems allows for the connection between the information systems of three important state entities, as it is "another important step for the public administration’s development and also of the Timor-Leste financial system" and to the "ever more perfect interaction between citizens and the State, allowing an increasing level of efficiency in the performance of their important functions, in the provision of public services, but also in promoting economic and social development ".

Marí Alkatiri also stated that "in the Seventh Government program, the development of the financial system is part of a wide range of reforms aimed at improving the business environment and increasing competitiveness, bearing in mind the creation of a diversified economy with sustained and inclusive growth."

The Prime Minister concluded by referring that "this is the path that we have set out to ensure the country's financial sustainability, to create jobs, reduce poverty and build a prosperity shared by all Timorese".

The launch ceremony was attended by several Government members, entities responsible for public and private banking in the country and representatives of the public, financial and business sectors. ENDS