The Vice-Minister of Finance Sara Lobo Brites participates in a meeting through video conference with the Vice-President of the World Bank for the East Asia and Pacific (EAP). Victoria Kwakwa on the 27th of October 2020 from the Ministry of Finance Tower at Aitarak Laran.
The meeting is part of the Annual Spring Meetings which takes place in Washington D.C. between World Bank (WB) officials and Finance Ministers as well as Governors representing the member countries, with this year being undertaken through virtual means, given the travel restrictions imposed as a result of the worldwide pandemic of covid-19.
The Acting Minister of Finance who is also the current Governor representing Timor-Leste on the Board of Governors and the WB Vice-President for the East Asia Pacific discussed current issues relating to the WB Country Strategy and IDA19 program, human capital development and improving the quality of public spending e the impact of the covid-19 pandemic on the domestic economy.
The World Bank Group’s (WBG) presence in Timor-Leste dates back to the early days of independence in 2002, with the establishment of a country office in Díli which has played an important coordinating role between the WBG and the Government of Timor-Leste.
One of the first priorities of the newly independent country was the reconstruction of public infrastructure – roads, ports, airports and government facilities – as essential conditions for development to which the WBG became an important partner in this endeavor.
The current partnership is guided by the Country Partnership Framework 2020-2024 (CPF 2020-2024), which sets out the 5-year strategy of the WBG’s work in Timor-Leste in the coming years.
The objective is to support the Government of Timor-Leste to transform its natural wealth into improved human capital and sustainable infrastructure trough three specific areas: strengthen the foundation of private sector-led growth and economic stability, invest in human capital and service delivery and raise productivity through investments in connective infrastructure.
The CFP 2020-2024 is aligned with Strategic Development Plan 2011-2030, which is a comprehensive forward looking plan for Timor-Leste to end extreme poverty and achieve the status of upper-middle income country by 2030.
The Government values its partnership with the WBG and looks forward to a more strengthened relationship in the future between the parties that brings mutual gains for the benefit of the people of Timor-Leste.
The Acting Minister of Finance said that “The Government values its partnership with the WBG and looks forward to a more strengthened relationship in the future between the parties that brings mutual gains for the benefit of the people of Timor-Leste”