President Lu Olo Passes $1.95bn State Budget

By Christina Ximenes January 05, 2022 355
President Lu Olo. President Lu Olo.

DILI: Timor-Leste’s president of the Republic on Monday approved Prime Minister Taur Matan Ruak’s $1.95billion budget for this year.

The budget aims to build recovery momentum in the economy in 2022 from the impact of the coronavirus pandemic. At the same time, the government said it will set the groundwork for development and poverty reduction.

Total spending was approved at $1.949 billion, slightly higher than what was proposed by the Prime Minister and approved by National Parliament last year.

Six national priorities have been defined for the state budget that include

1) development of human capital (education, professional training and health); 2) housing and social inclusion; 3) productive sectors (agriculture and tourism), environment and connectivity; 4) private sector development; 5) rural development; and 6) good governance.

Amongst the various measures included in the budget are a food subsidy for civil servants, an Emergency Response Fund to deal with natural disasters, and an Investment Fund to establish the new Municipality of Ataúro.

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