Subject: LUSA: Alkatiri presents budget, promises watchdog oil-revenue fund

28-06-2004 13:46:00 GMT . Fonte LUSA. Notícia SIR-6149948 Temas:

East Timor: Alkatiri presents budget, promises watchdog oil-revenue fund

Dili, June 28 (Lusa) - Prime Minister Mari Alkatiri presented his government's proposed budget to East Timor's parliament Monday, pledging to establish a special fund to assure the "prudent management" of revenues from oil and natural gas operations.

Alkatiri told the lawmakers the fund, dubbed the Oil Fund, would likely be set up during the new fiscal year, beginning July 1, after broad consultations and parliament's approval.

The purpose of the fund, he said, would be to "guarantee the prudent and transparent management, with rules, of the revenues from the Sea of Timor".

The government's proposed 2004-2005 budget envisions expenditures of about USD 75.1 million, with the oil and gas sector expected to produce USD 39.8 million for public coffers.

Between domestic revenues and international aid, the budget foresees total revenues of USD 100.8 million in the new fiscal year.


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