The Minister of Finance and Governor of the Democratic Republic of Timor-Leste at the World Bank, Rui Gomes, accompanied by the Vice-Minister of Finance and relevant officials of the Ministry of Finance, held a bilateral meeting with the World Bank Vice President for East Asia and the Pacific, Manuela Ferro, at the Kay Rala Xanana Gusmão Auditorium in the Ministry of Finance.

During the meeting, Governor Rui Gomes and his team shared information about the macroeconomic situation and the fiscal policy introduced by the 8th Constitutional Government over the last two years, which allowed the national economy to recover from negative 8.3% in 2020 to positive growth of 2.9% in 2021 and 3.9% in 2022.

Also up for discussion were the sustainability of the Petroleum Fund to avoid a fiscal cliff and the fiscal reform and public finance management process that the Government, led by Prime Minister Taur Matan Ruak, has achieved during his term.

During Manuela Ferro’s first official visit to Timor-Leste, the two parties discussed several other issues, such as the request for technical assistance from the World Bank to start the feasibility study for the free trade zone and industrial park project in the cross-border areas between Timor-Leste and Indonesia, mainly in the Special Administrative Region of Oe-cusse Ambeno (RAEOA – Portuguese acronym). This request was requested by Governor Rui Gomes to the Vice President of the World Bank and his team last October, during his official visit to Washington DC, as part of the World Bank Annual Meeting.

Manuela Ferro also expressed the World Bank’s interest in supporting Timor-Leste in strategic areas. Furthermore, she praised the progress the Ministry of Finance achieved, namely at the level of tax reform and public finance management underway over the last two years.

The two parties also discussed the draft framework partnership agreement between Timor-Leste and the World Bank for the next five years.