Ministry of Finance Tower, Aitarak Laran, 28 April 2017 – An introductory meeting for the EU expert was held at the MoF Tower which signaled the implementation of the Public Financial Management and Oversight (PFMO), the European Union’s (EU) budget Support to Ministry of Finance (MoF) under its 11th EDF. The PFMO is a continuation of the budget support previously extended by the EU to the MoF in support of its ongoing PFM Reforms.
The EU expert, Mr. Thomas Thomsen, will be in the country for four (4) weeks to review and assess the performance of the MoF on its 2016 program commitments under the PFMO. Mr. The introductory meeting was participated in by the MoF’s Director Generals, National Directors, Coordinators and Heads of Units and Offices, including some representatives from the Delegation of the European Union in Timor-Leste and the National Authorizing Office (NAO) in the Ministry of Foreign Affairs and Cooperation.
Within the course of 4-weeks, Mr. Thomas will meet with the MoF’s work units concerned on the 2016 targets and indicators under PFMO. He is also expected to meet with other PFM-related stakeholder oversights, both within and outside of the Government.
The EU’s budget support to the Ministry of Finance under the PFMO program will run for 5-years. The PFMO will have a yearly disbursement of a fixed and variable tranches, the final amount of the latter will depend on the result of the evaluation of an independent EU expert on the achievements of the MoF on the agreed upon targets and indicators, in a given fiscal year.
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