Timor-Leste: Report on Observance of Standards and Codes (ROSC)-Fiscal Transparency Module

Author: International Monetary Fund

Volume/Issue: Volume 2010 Issue 340

Publication date: November 2010

ISBN: 9781455212620

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Public Finance , ISCR , CR , budget year , final accounts , cash basis , consolidated fund , prime minister , government priority , petroleum company , government activity , budget documentation , government holding , revenue receipt , customs authorities , Budget planning and preparation , Oil , Fiscal accounting and reporting , Budget execution and treasury management , Global

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Summary

Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the International Monetary Fund Code for clarity of roles and responsibilities, openness of the budget process, public availability of information, and guarantees of integrity. Particular attention should be paid to improvement of the systems consolidating fiscal information and enabling fiduciary responsibilities of the Ministry of Finance.