In a lengthy statement released Wednesday, Francisco Lo Olo Guterres said the US$2.132 billion budget, the nation’s largest ever, could jeopardise the basic needs of Timorese people.
“These values are so low that they do not meet the minimum requirements of social services and economic growth,” the statement said.
Lu OLo said parliament now must revise the budget, which allocates about 30 percent or $670 million to oil and gas development.
The total enacted budget for 2019 is comprised of:
- $ 214 million for salaries and benefits
- $ 473m for goods and services)
- $1,013m for public transfers (including $650m for Sunrise)
- $ 31m for minor capital
- $ 313m for development capital (excluding borrowing)
- $ 87m in borrowed money for development capital
The budget will be financed largely by transferring $1.846 billion from the nation’s Petroleum Fund, the largest withdrawal in history.
Around one eighth of budget expenditures is devoted to health, education, clean water and agriculture.
