Timor-Leste Begins Preparing the 2025 GSB with a Focus on Investment in Strategic Infrastructures, Strengthening the Economy and Improving Citizen Welfare

Fri. 05 of July of 2024, 17:44h
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Today, July 5th, 2024, the Government of Timor-Leste, through the Ministry of Finance, held the Budget Days, a seminar that marks the beginning of preparing the 2025 General State Budget (GSB. The event, held in the Kay Rala Xanana Gusmão auditorium at the Ministry of Finance, brought together members of the Government, representatives of the National Parliament, municipal authorities and autonomous agencies. WhatsApp Image 2024-07-05 at 11.22.29 (1)

Under the theme "Investing in Strategic Infrastructures, Strengthening the Economy and Improving the Well-being of Citizens", this year's Budget Days were inaugurated with speeches by the Prime Minister, Kay Rala Xanana Gusmão, and the Vice Prime Minister for Finance, Felícia Claudinanda Cruz Carvalho. WhatsApp Image 2024-07-05 at 11.22.27

In his speech, the Prime Minister emphasised the importance of this meeting, marking the first year in office of the 9th Constitutional Government. He reiterated that "the money belongs to the people and must be well managed", emphasising the correction of irregularities in the financial system as one of the Government's main concerns over the last year. He also highlighted the need to strengthen State institutions and improve the civil service, stressing that the sole objective of those who hold public office is to improve the nation.

The Vice-Minister of Finance, Felícia Claudinanda Cruz Carvalho, said that "our theme for this year is 'Investing in Strategic Infrastructure, Strengthening the Economy and Improving Citizen Welfare' - a focus that underlines our consistent commitment to Timor-Leste's progress and prosperity". She also emphasised that the 2025 budget represents "a roadmap for the future", with the vision of "laying the foundations for a diversified and resilient Timorese economy by 2028". WhatsApp Image 2024-07-05 at 11.22.28

The Vice-Minister said, "Our focus on strategic investment in infrastructure is not just about constructing buildings or roads. It's about building the foundations for economic growth, improving the daily lives of our citizens and establishing a platform for future generations to live prosperously." He also said that "our heavy dependence on the Petroleum Fund for budgetary financing is a major concern," a scenario that "calls for urgent measures to diversify our sources of revenue and reduce dependence on a single sector."

"To address this issue, we must improve and expand vocational training programmes, improve access to quality education and establish an environment supporting entrepreneurship. Investing in our young people can unlock their potential and generate long-term economic growth," concluded the Vice-Minister of Finance.

The Vice-Minister of Finance, Felícia Claudinanda Cruz Carvalho, ended her speech by appealing to all participants to "follow this workshop with an open mind", with a view to "exchanging innovative ideas and sharing a commitment to the future of our country. "Together, we have drawn up a budget that will not only strengthen our economy but also improve the well-being of every Timorese citizen."

During the various sessions of the event, macroeconomic issues, budgetary strategies, and financial sector performance were discussed. Proposals for priorities, mandatory spending, and scenarios for the 2025 fiscal ceiling were presented.