14 years on, Timor-Leste's success is still a work in progress

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Southeast Asia's youngest country, Timor-Leste gained its freedom in 2002 and since then has relied heavily on revenue from its oil and gas reserves to fund development. However, declining oil production, leading to falling revenue, has highlighted the need to diversify the economy.

Prime Minister Rui Maria de Araujo said the government has taken steps to reduce dependence on a multi-billion sovereign wealth fund, fuelled by revenue from oil and gas reserves.

Said Dr Araujo: “Particularly, the current government has initiated reforms in several areas with important relevance to economy. (Examples are) public admin involving reform within civil service and economic reform involving areas like trying to attract more foreign investment in the country, reviewing our legislation – going through the legislation of our land and property rights.”

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• 14 years on, Timor-Leste's success is still a work in progress

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Channel News Asia
http://www.channelnewsasia.com/news/asiapacific/25-years-on-timor-leste-s/2826316.html