Democratic Republic of Timor-Leste: Public Financial Management-Performance Report
IMF Staff Country Reports, November 24, 2010
Source details
- Canonical URL
- Democratic Republic of Timor-Leste: Public Financial Management-Performance Report
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Bibliographic details
- Published: November 24, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455212613.002
Key findings
- Timor-Leste weathered the global financial crisis well and experienced healthy economic growth rates.
- Solid progress has been made in strengthening the public financial management systems.
- The budget document provides comprehensive information; fiscal transparency is high.
- The Ministry of Finance lacks the time and capacity for adequate review of rationale, costing, and impact of public investment.
- Internal and external audit form the largest gaps in the present public financial management system.
- Buy-in and long-term commitment from development partners will be essential.
Challenges and capacity gaps
- Insufficient Ministry of Finance time and capacity for review of:
- rationale of public investment proposals
- costing of public investments
- impact assessment of public investments
- Major gaps identified in:
- internal audit
- external audit
Policy implications and recommendations
- Strengthen Ministry of Finance capacity to conduct thorough reviews of public investment rationale, costing, and impact.
- Prioritize development of internal audit functions.
- Enhance external audit arrangements to close current accountability gaps.
- Secure buy-in and long-term commitment from development partners to sustain PFM reforms.