East Timor - Economic development

Although East Timor was expected to rely upon significant amounts of foreign aid in the medium term as of 2003, it was on the path to greater self-reliance. In the context of a reduced international presence, the government was improving its administrative capacity and taking steps toward nation-building in accordance with its National Development Plan (NDP). The country stands to benefit from the development of oil and gas reserves in the Timor Sea, which is expected to sharply increase government revenues. The NDP covering the fiscal years 2002/03–2006/07 set out certain objectives, including the attainment of 5% growth in GDP over the medium term and the alleviation of poverty. The government indicated the need to develop the private sector and build up local institutions in addition to maintaining a stable macroeconomic environment. Other NDP goals included promoting good governance and creating jobs.

Also read article about East Timor from Wikipedia

User Contributions:

Comment about this article, ask questions, or add new information about this topic: