The World Bank recently delivered one week training on the analysis of pension fiscal regime to the selected Government’s officials from the Ministry of Finance and Ministry of Social Solidarity. The training took place from the 26th to the 30th January 2015 at the Ministry of Finance’s Training Center.
The training, delivered by the World Bank trainers, focused on the Pension Reform Options Simulation Toolkit (PROST) – a computer-based toolkit to simulate pension systems over times. The system is designed to estimate future trends of the pension system over a long time frame including coverage, contributions, benefits, financial flows, test robustness of the system to the shocks (e.g. demographic and economic) and evaluate and compare reform options to promote informed policy making.
The system can produce demographic projections, pension system demographics, pension system finances and other individual outputs.
In the context of Timor-Leste, the training was very relevant as “it focused on the recently proposed pensions or Social Security Scheme”.
Timor-Leste is not the first country to learn this system. It has used widely in more than 90 World Bank client countries. It was used to study the impact of the financial crisis on different types of pension system, implicit pension debt and compare its test results with the ILO and some actuarial models.
The training concluded with the ceremony handover of certificate the 13 selected participants from the National Directorate for Economic Policy of the Ministry of Finance and Ministry of Social Solidarity