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Press Release
Meeting of the Council of Ministers on May 22nd 2025
The Council of Ministers met at the Government Palace in Dili and analysed the presentation by the office of the Vice Prime Minister and Coordinating Minister of Economic Affairs, Francisco Kalbuadi Lay, along with the Governor of the Central Bank of Timor-Leste (BCTL), Helder Lopes, regarding the political and legislative options concerning the Law Proposal on the General Regime of the Financial System and Banking Activity.
The proposal currently under consideration aims to establish a new legal framework for the operation of the national financial system, promoting stability, confidence, and efficiency within the banking and financial sector in Timor-Leste. The future regime also seeks to align national legislation with international principles of supervision and regulation to establish more robust conditions for the development of a modern, dynamic, and inclusive economy.
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The Council of Ministers has decided to authorise the Minister of Petroleum and Mineral Resources to appoint Avelino Maria Coelho da Silva and José Manuel Gonçalves as Timor-Leste Commissioners to the Greater Sunrise Supervisory Board.
This body is entrusted with the strategic oversight of the Greater Sunrise Special Regime, operating within the framework of the Maritime Boundary Treaty between Timor-Leste and Australia. The appointees, acknowledged for their integrity and extensive experience, will represent Timor-Leste in strategic decision-making, in collaboration with the Prime Minister and the Minister of Petroleum and Mineral Resources, to uphold the national interest and ensure the proper implementation of the Treaty.
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The draft Law Proposal regarding the Pesticides Law, presented by Marcos da Cruz, the Minister of Agriculture, Livestock, Fisheries and Forestry, was also approved.
This law proposal aims to regulate, throughout the national territory, the licensing, import and export, production, sale and distribution, use, packaging, and disposal of pesticides, including agricultural pesticides, at all stages of their life cycle. The objective is to protect human, animal, and plant health, the marine and terrestrial environment, and to promote sustainable agricultural production in Timor-Leste.
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Lastly, the Council of Ministers has decided to authorise the extension of the consultancy supervision services under Lot 1 of the Baucau–Venilale road project, and Lot 2, Venilale–Viqueque, until January 31st, 2026. This extension entails an increase in the contract value from US$5.78 million to US$6.73 million, representing an approximate increase of US$954,000. END