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

IMF Staff Country Reports, November 24, 2010

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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.

Progress noted in fiscal transparency and adoption of a governance framework for the petroleum sector.
Persistent divergences from the IMF Code in these domains:
- Clarity of roles and responsibilities
- Openness of the budget process
- Public availability of information
- Guarantees of integrity
Systems for consolidating fiscal information and for enabling fiduciary responsibilities of the Ministry of Finance require improvement.

Subject: Auditing, Budget execution and treasury management, Budget planning and preparation, Commodities, Expenditure, Fiscal accounting and reporting, Oil, Public financial management (PFM)
Keywords: budget documentation, Budget execution and treasury management, Budget planning and preparation, budget year, cash basis, consolidated fund, CR, customs authorities, final accounts, Fiscal accounting and reporting, Global, government activity, government holding, government priority, ISCR, Oil, petroleum company, prime minister, revenue receipt