Meeting of the Council of Ministers on May 15th, 2024
Presidency of the Council of Ministers
Spokesperson of the Government of Timor-Leste
Ninth Constitutional Government
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Press Release
Meeting of the Council of Ministers on May 15th, 2024
The Council of Ministers met at the Government Palace in Dili and began with a presentation by the Governor of the Central Bank of Timor-Leste (BCTL), Helder Lopes, on the operational management of the Petroleum Fund.
The presentation included information on investment strategy and implementation, portfolio allocation, investment performance, Petroleum Fund revenues and Petroleum Fund withdrawals.
The Petroleum Fund’s investment strategy is guided by clear objectives established by national legislation. The aim is to ensure that revenues from petroleum exploitation are invested in a way that guarantees sustainable benefits for both current and future generations.
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The Council of Ministers approved the Draft Decree-Law for the first amendment to Decree-Law no. 96/2022, of December 30th, which establishes the Millennium Challenge Account-Timor-Leste and approves the respective statutes, presented by the Minister of Finance, Santina José Rodrigues F. Viegas Cardoso.
Bearing in mind that the organisational structure of the 9th Constitutional Government establishes that the Millennium Challenge Account-Timor-Leste, I.P.(MCA-TL) is under the supervision of the Minister of Finance, it is necessary to amend Decree-Law no. 96/2022, of December 30th, to transfer the supervision and oversight of the MCA-TL from the Prime Minister to the Member of the Government responsible for finance.
On the other hand, it is also necessary to align certain provisions regarding the organisation of the MCA-TL to ensure the effective and efficient implementation of its underlying objectives, namely, guaranteeing a smooth transition of competences during and after the installation period and avoiding delays in decision-making regarding the MCA-TL.
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The Draft Government Resolution on Reforming the Accounting System, also presented by the Minister of Finance, was also approved.
This reform aims to guarantee reliability and modernisation in the recording, classification, and registration of income and expenditure, promote transparency in public and private finances, and boost economic development.
The main objectives include the establishment, within 12 months of a new accounting standard and chart of accounts, applicable to the public and private sectors, in line with international standards, and the implementation of an integrated system that includes and ensures the relationship between budgetary accounting, based on budget classifiers, and financial accounting, based on the chart of accounts. It should also be simple, user-friendly, and suited to the national public and private sectors' needs, capacity, and resources.
A National Accounting Council will also be established within 24 months to issue standards and recommendations. In the medium term, a certification scheme and a professional association for accounting and auditing professionals will be established to guarantee the quality of accounting professionals. END
