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Economy

DNOE considers budget as a fundamental component of public finance management

The budget is a fundamental component of public finance management to ensure “efficiency of spending, in accordance with the objectives of the National Development Plan (PDN 18-22)”, considered the National Director of the State Budget (DNOE), Nicola Mvuayi.

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The official, cited in a note made available on the Ministry of Finance website, clarified that the State Budget (OGE) "is the main instrument of the State's economic and financial policy which, expressed in terms of values, for a given period, demonstrates the action plan to be carried out and determines the sources of funding".

According to the note, speaking at the Public Finance Forum, Nicola Mvuayi indicated that the budget and public finance management "serves to support the decision-making process for the effective allocation of resources" as well as guarantee "the fulfillment of the elementary functions of the State".

In addition, she added, that this also serves to carry out "maintenance of macroeconomic stability, correct market imperfections, improve income distribution and foster economic growth."

She also referred that fiscal consolidation "was a strategy adopted by the Executive" aimed at "reversing the high global deficits recorded in the economy from 2014 to 2017" in order to achieve macroeconomic stability, based on three axes, namely "improvement of the quality of expenditure, revenue enhancement and debt sustainability".

With the approval of the Public Finance Sustainability Law in 2020, some fiscal management instruments and rules were introduced to promote the sustainability of public finances, she said.

The Public Finance Forum was organized by the Project for the Strengthening of Technical and Functional Skills (ISC), National Parliaments and Civil Society for the Control of Public Finances in the PALOP and Timor-Leste (Pro PALOP-TL ISC) and aimed to discuss practices and challenges related to Public Finance.

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