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Democratic Republic of Timor-Leste: 2010 Article IV Consultation-Staff Report; Joint World Bank/IMF Debt Sustainability Analysis; Staff Statement; Public Information Notice on the Executive Board Discussion; And Statement by the Executive Director for ...

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Democratic Republic of Timor-Leste: 2010 Article IV Consultation-Staff Report; Joint World Bank/IMF Debt Sustainability Analysis; Staff Statement; Public Information Notice on the Executive Board Discussion; And Statement by the Executive Director for ...

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Editor's Note:
1. In its first eight years as an independent nation, Timor-Leste has made commendable economic progress, though it still faces many development challenges. About 40 percent of the population still lives in poverty and the 2010 Human Development Report (based on 2009/10 data) ranked Timor-Leste at 120 out of a total of 169 countries (Figure 1). Years of conflict have destroyed a large part of its infrastructure. However, the country is blessed with natural resources, with offshore oil production starting in 2004. Although its oil wealth is currently estimated at $24.3 billion or $22,000 per capita, and more reserves such as the Greater Sunrise have been discovered, it is neither a major oil producer nor an upper middle income country. It stands out as the most oil dependent country globally. In 2009, petroleum income accounted for about 95 percent of total government revenue and almost 80 percent of GNI.

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Length 73 Pages
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Released March 8, 2011
Identifier (ISBN) 16579616
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