Two budgets have been released by regional governments this week, and they reflect very different economic concerns.
The French Polynesian government delivered its US$1.5 billion budget, warning that all indicators are on red. It says gross domestic product has dropped ten percent over the past seven years, and forecasts a drop of revenue of nearly 9 percent over this year.
The government says all sectors—with the exception of tourism—are in crisis.
Meanwhile Timor-Leste’s development budget has been approved “in generality” by Parliament.
Among its highlights: a $1.7 billion investment in essential infrastructure and development of a south coast petroleum sector, and capital development spending of $1,055 million.
The Budget also funds the Timor-Leste Investment Company to support transition from an oil to a non-oil economy by promoting investment in areas vital to Timor-Leste’s growth, diversifying the economy, creating new industries and services and promoting foreign investment.