East Timor: establishing the foundations of sound macroeconomic management
This report provides an overview of the economic and institutional developments in East Timor up to September 1999 and the immediate impact of the violent events that followed the August 30, 1999 referendum to decide the future status of East Timor. It presents the key elements of the strategy recommended by International Monetary Fund (IMF) staff to the United Nations Transitional Administration in East Timor (UNTAET) to rebuild the institutions needed to support economic activity and public administration, including external financing requirements, technical assistance, and training needs in the area of macroeconomic management. Finally, the report assesses the status of implementation of the strategy, and discusses the steps that should be taken to ensure that the strategy will help East Timor to prepare to face future challenges.
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Economic Developments and Institutional Setup
Immediate Impact of the PostReferendum Violence
Developments Since September 1999
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additional agencies Agriculture AsDB Asian Development Bank balance bilateral budgetary Capital expenditures cash Commercial Bank Consolidated Appeal Process Data provided declined deficit Dili disbursements East Timor East Timorese leadership economic establishment Exchange Affairs Department execution expected exports External Financing External Sector fees Fiscal Affairs Department framework Fund for East humanitarian assistance IMF staff recommended implementation imports Indicators Indonesian infrastructure institutions Jakarta Joint Assessment Mission June legal tender lMF staff estimates ln millions lndonesian authorities macroeconomic ment millions of U.S. Monetary and Exchange NGOs official transfers operations overall payments system percent of GDP petroleum pledges port preliminary budget public administration Real GDP reconstruction recurrent expenditures rehabilitation rupiah September 1999 service tax Small Enterprise Project Sound Macroeconomic Sources spending SRSG technical assistance TFET Timor Gap Timor Gap Treaty tion Trust Fund U.S. dollar United Nations UNTAET UNTF West Timor World Bank