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IMF Team: Oil Fields in Production End by 2022
The International Monetary Fund (IMF) staff team led by Miss Yu Ching Wong visited Timor-Leste from September 25 to October 6 to hold the 4th Consultation discussion in 2017. The discussion discussed the latest developments and current economic policies, as well as medium term economic prospects. At the end of the mission, Ms Wong issued the following statement: Non-oil GDP growth is forecast to moderate to 3 percent in 2017 due to low government spending and a slowdown in economic activity accompanying parliamentary elections. Inflationary pressure remains low, although inflation has returned to positive territory reflecting rising global food prices and fuel prices. " Low government spending is expected to narrow the current account deficit both fiscal and external in 2017. The final balance of the Petroleum Fund for 2016 fell to US $ 15.8 billion (about 570 percent of GDP), the second year of net reductions. The medium-term prospects for Timor Leste depend heavily
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