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East Timor, French Polynesia

French Polynesia, East Timor deliver budgets

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.

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About Samantha Magick

Journalist and editor

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