Vice Minister of Finance attended International Monetary Fund meeting
Rui Manuel Hanjam, Vice Minister of Finance, visited Apia, in Samoa, to attend the meeting of the Pacific Financial Technical Assistance Centre (PFTAC) and a high-level conference of the International Monetary Fund (IMF) on the theme of promoting inclusive growth and building resilience in countries of the Pacific held on March 22 and 23.
At a time when attention is focused on the European economic crisis, the IMF in collaboration with the Government of Samoa provided a space for dialogue and discussion, involving regional political leaders, the private sector and development partners.
The aim was to provide them the opportunity to exchange views as to how the Pacific countries are moving in the current global economic outlook and how regional governments can increase the resilience of their countries to external shocks and to promote growth.
Notwithstanding the fact that Asia has proved more resilient facing the current financial crisis due, in part, to the implementation of an important set of structural reforms, Asia remains considerably exposed to external shocks, mainly through trade and financial channels.
In this context, participants were unanimous about the need to establish a social network of social security among the Pacific countries, to develop public policies and build macroeconomic protections so that countries can, in prosperous times, strengthen themselves and create a solid, effective barrier to external shocks.
Also emphasized was the importance of implementing structural reforms and investment in strategic infrastructure, in the areas of health and education to promote growth.
In his speech, Manuel Rui Hanjam thanked the international community and the resilience of the Timorese people in the effort to emerge from a complex post-conflict situation to a country rapidly growing and developing. The Vice Minister said that while Timor-Leste is a young country, it is one of the most transparent countries in the world, keen to invest in the excellence of democracy and economic sustainability and human resources.
Regarding economic sustainability, the Vice Minister said that Timor-Leste has adopted several reforms to reduce taxes and thus attract potential investors. Althoughit is a time dominated by the need to diversify an economy based on oil income, there is the challenge of how to improve the macroeconomic system and tax system to benefit from higher revenues and diversify the economy, without burdening the private sector.
