The Timor-Leste delegation from the Ministry of Finance and the Banking and Payments Authority (BPA) attended the 3rd annual meeting of the International Forum of Sovereign Wealth Fund (IFSWF) in Beijing, China which was held from 10 to 13 May 2011.
The meeting was hosted by the China Investment Corporation (CIC). The Forum discussed risk management issues related to the global asset allocation, reviewed progress on the application of the Santiago Principles and funding of the future work and a permanent secretariat.
The Forum agreed to have a more permanent secretariat funded by the Forum members. As the member of the IFSWF, TL actively participated in the discussion on how to increase the communication between the members as well as to the external parties such as recipient countries, international institutional, policy makers, etc. On the application of the Santiago Principle, the Forum agreed to publish it in the near future.
Mr. Jin Liqun, Chairman of the Board of Supervisors, CIC, was elected as Chair of the IFSWF for a two year term, replacing Mr. David Murray, Chairman of Future Fund Board of Guardian, Australia.
The Forum will hold its next meeting in Mexico in May 2012 and the 2013 meeting will be held in Oslo, Norway.
The Timor-Leste delegation also met with the delegation from Papua New Guinea who showed interest to learn more of Timor-Leste’s experience in managing its natural resource. END