21 August 2009

East Timor Council of Ministers Meeting 14 August 2009

DEMOCRATIC REPUBLIC OF TIMOR-LESTE

IV Constitutional Government

SECRETARY OF STATE FOR THE COUNCIL OF MINISTERS

PRESS RELEASE

Meeting of the Council of Ministers on August 14th 2009

The Council of Ministers held a meeting on Friday, 14th August 2009 at its meeting room, in Government Palace and approved:

1. The Law proposal on State Budget and Financial Management

The Council of Ministers in its extraordinary session today has approved the Law proposal concerning the Budget and Financial Management.

The UNTAET’s Regulation 2001 has been in force till then and about this issue there is the necessity of adaptation to Timorese Judicial System with civil-base. The IV Constitutional Government has realized to review the Regulation by adopting it into Country’s reality as it is very important to set up judicial mechanism for collecting and touching the essentially financial resources for the development of Timor-Leste. In this review it was taking into account the sustainable and integrated economic development of the Country, the rigorous and transparency of management of public finance, the sustainability of the public account for long term and it was assured of a competitive economy which could put the State in a credible position to the local and international community.

The alterations of material character were generally related to the recognition of the fundamental principles of the public finance, public debits, official bank accounts, term for the presentation of law proposal on State Budget, special funds, transferences, reports, elimination of forfeitures or obligations and responsibility.

Then, the present law establishes the general and common dispositions of the State Budget framework; the rules and procedures related to the organization, elaboration, presentation and execution of State Budget and corresponding oversight and budgetary responsibility; the regulations related to the organization, elaboration and presentation of annual report of the State Account and the regulations and procedures to be applicable to the State Financial Management.

Secretaria de Estado do Conselho de Ministros Dili, Palacio do Governo, 24 de Setembro de 2008
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