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Hundreds of Trillion Rupiahs Endowment Funds Seem Meaningless, Timor Leste is Predicted to be a Dead Country in 10 Years, Xanana Gusmao: We'd Better Run

Hundreds of Trillion Rupiah Endowment Funds Seem Meaningless, Timor Leste is Predicted to be a Dead Country in 10 Years.
The history of independent Timor Leste began in 1999, when a referendum on the secession of East Timor was permitted by President BJ Habibie. It was only on May 20, 2002, that the state of Timor Leste was formed as a country with full sovereignty, independent of the Republic of Indonesia. Years after independence, the former Prime Minister of Timor Leste, Xanana Gusmao exposed the country's main problem, poverty.
Gusmao admitted that he was pessimistic that the people of Timor Leste would get out of the poverty crisis zone. He revealed that Timor Leste has an endowment fund with a nominal value of hundreds of trillions of rupiah. The funds, he said, are now stored in the Bank of New York, United States. However, he said, even though hundreds of trillions of rupiah were disbursed, Timor Leste would be a dead country in the next 10 years. According to The Oekui Post, a trimestral report from Banco Central Timor Leste (BCTL), some time ago announced that the amount of Timor Leste's oil funds stored in New York Bank amounted to 18.4 billion US dollars (Rp 273 trillion – an exchange rate of Rp 14,840). Starting in 2021, the Government of Timor Leste will use the saved money as a state expenditure requirement of US$1.4 billion or Rp. 20.77 trillion. In this regard, many people are starting to become concerned about the sustainability of Timor Leste's financial condition.
A seminar was held in the country to discuss all of Timor Leste's national budget priorities. During the event, the former PM and charismatic East Timorese official, Xanana Gusmao, believed that his country had money deposited in the Bank of New York. Gusmao also strongly believes that the Draft State Budget will pass at the parliamentary level. Because it has a majority vote. "The budget could pass," "However, the procedure is problematic," he said.
He added that the oil fund was still there. But according to him, if the Taur Matan Ruak government leads for another 10 years, all East Timorese will die. He took the example, to pay for the hotel used for quarantine, to pay for catering, also did not know how to manage money. The government also turns a blind eye to budgeting for emergency projects, such as the Covid-19 pandemic. "This means, for 10 years they have remained in the lead, it's better if we just run somewhere." "If they have been in charge for 10 years, don't mention the municipality," he said. Gusmao said that for almost two years the government led by PM Taur Matan Ruak did not have a state budget, until now. In fact, since 22 years ago, in 1999, to be precise, UNDP played a very important role in carrying out the recovery after the country chose independence from Indonesia. Since separating from Indonesia and becoming an independent country, until now, Timor Leste has not shown satisfactory economic development at all.

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