Subject: LUSA: Foreign aid keeps new nation's budget in surplus

04-11-2002 19:45:00. Notícia nº 4301129…

East Timor: Foreign aid keeps new nation's budget in surplus

Dili, East Timor, Nov 4 (Lusa) - International donations were used to plug East Timor`s USD 22 million budget deficit in the financial year 2001-2002, although the world's newest nation's state receipts were higher than anticipated in this period.

Lusa has seen a report drawn up by the Dili finance ministry, which states that expenditure in the period up to June 30, 2002 was USD 52.6 million.

State revenue over the year was USD 26.9, eight percent above the government's own targets, with the largest slice of earnings coming from oil revenues (USD 6.4 million).

The budget deficit of USD 22.7 was covered by contributions from the United Nations trust fund (USD 5.4 million), the United States (USD 4.5 million), Sweden (USD 4 million) and Australia (USD 3.6 million).

Other significant amounts were received from the Netherlands, the UK, Ireland, Norway and Canada.

Overseas contributions resulted in a USD 14.5 million budget surplus, although only 86 percent of planned state expenditure was actually implemented.

CJB/ASP -Lusa-

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