1. Hari Fundu Mina-rai ida ba Timor-Leste
Cristino Gusmoa ho Thomas Ekeli
Politica Tributaria e Macro Economia
Ministério do Plano e das Finanças
Outubru 2004

2. Intensaun husi apresentasaun ida ne’e
Pontu Hahu: Timor-Leste iha rekursu mina rai nebe signifika. Rekursu ne’e wainhira ke’e ona , maka sei mosu no akontese buat oi-oin iha rendimentu sira.
Desafiu: Maneija rikeza mina rai ho matenek no neon nebe diak.
Eksperiensia Internasional: Petrolio bele fasil liu atu sai perigo ida doque graca ida.
Prekondisaun ba susesu: Presisa informa ba publiko alargado konaba strategia oinsa atu maneija. Rikeza mina rai, tan ne’e konsultasaun no partisipasaun publika sai nuda’ar chave
Fundu ba Mina-rai: Fundu ida bele sai nudar meious diak ida atu maneija riku–soi, mina rain nian. Fundu ne’e sei estabilese iha 1 Julho 2005
Hau nia servisu ohin loron: Esplika kona ba fundu nebe propoen iha kontestu jestaun riku soin mina rai nian. Dada husi esperiensia, inklui Norwegia nian. Fo no hato ita bo’ot sira nia feedback.
Pasu tuir mai: Konselho Ministru sira sei propoen ba Parlamentu akta ida kona ba fundu mina rai nian (provavelmente 2005).

3. Ajenda Tamba sa mak depozito petroliu ida?
Poupa osan. Konsumusaun nebe diak
Riku soin mina – graca ida ka susar ida?
Dezenho konaba depozitu petroliu nian
Wainhira no oinsa mak atu gasta osan

4. Tambasa mak fundo Mina-rai?
Rendimentu petroliu kria komplikasaun ba politika fiskal
Rendimentu petroliu diferente husi rendimentu sira seluk:
Laos profitu nebe real (income), maibe transformasaun husi rikusoin (husi mina rai no Gas). Reservasaun mina rai tun bei-beik no la kleur sei hotu.
”Osan livre”. Sei la redus gastu iha seitor privadu hanesan rendimentu governu nian sira seluk.
Ladun stabil no certeza kompara ho rendimentu seluk.
Fundu ida bele hatudu nesesidade ba stabilizasaun (Gastu husi publiku) no reserva (ba jerasaun aban bain rua nian)
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Iha nesesidade ida atu salva/reserva parte substansial balun husi rendimentu mina rai – Atu seopara ou fahe gastu husi profitu nebe lao hela husi aktividade mina no gas. Osan mina rai bele sai nudar meius/ instrumentu reserva ida nebe pas.

5. Jestaun riku soin – husi teoria ba pratika
Gastu tenke separa husi profitu mina no gas nebe lao hela
Osan mina rai bele suporta jestaun fiskal wainhira :
Politika nebe luan no suporta publiku
Regulamentu nebe klaru
Tau hamutuk investamentu nebe real
Dalan Foti/hasai
Extraction t
tempo
Dalan konsumasaun
Consumption
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Depozitu petroliu ida la iha substituisaun ba jestaun fiskal nebe diak. Depozitu nebe planu didiak bele tulun atu hari konsiensia publika nian no tulun ba jestaun ida nebe diak liu no jestaun prazu naruk ba riku soin mina rai. t
tempo

6. Riku soin Mina-rai Timor-Leste
Projeksaun hatudu katak rendimentu sae ba liu iha $350M iha 2011
Rendimentu bo’ot kompara ba ekonomia ( ): CFET expenditure $75m, combined sources exp $245m, GDP $350m.)
Quantidade rendimentu futuru provolta de $3.7bn, maibe ladun klaru maski bo’ot (+/-$2bn depende ba mina nia folin deit)
Rendimentu petroliu projektada
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Rendimentu petroliu importante ba Timor-Leste (maibe la importante hanesan kapasidade rekursu humana)

7. La iha certeza nebe signifikante konaba medidas husi rendimentu petroliu nebe hein hela
Mina-rai nia fólin tuir istória
Jeolojia: Area foun nebe presiza atu diskobre?
Legal: Tasi ketan sira seidauk hari
Operasional: Hasai petroliu ne’e prosesu ida nebe kompleksu, gastu nebe la iha serteza. Depende los ba area ida deit.
Mina & gas nia folin: Large fluctuations (chart)
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Jestaun riku soin mina rai presisa hare didiak ba nesesidade sira nebe la iha serteza.

8. Ajenda Tamba sa mak depozito petroliu ida?
Poupa osan. Konsumusaun nebe diak
Riku soin mina – graca ida ka susar ida?
Graca ida wainhira maneija didiak. Susar ida wainhira maneija la diak
Dezenho konaba depozitu petroliu nian
Wainhira no oinsa mak atu gasta osan

9. Mina Rai – Graca ida ka susar ida?
Prezente ida husi natureza rasik
Sei hadia standar Moris Timor oan sira nian
Bele sai nudar kapital ida ba kresementu ekonomia nebe lais liu hodi estimula investamentu iha infrastrutura (dalan sira) no kapital humanu (edukasaun, saude), nebe dala ida tan bele hasae’ moris nebe diak liu tan
Susar
Mina rai nudar “deabo nia saseluk”
Mina rai hasae’ aktividade nebe la lori ba nasaun nia diak
Esperiensia Internasional fo razaun ba preokupasaun bo’ot hirak ne’e(“Susar nia Hun”):
Kiak no kresimentu ekonomia nebe ki’ik
Konflitus, funu no disturbus civil
Korupsaun (KKN)
Governo nebe la representativo

10. Osan mina nian halo saida ba ita?
Mina sei lori mai ita perigu balun. Nia nudar deabu nia saseluk..(Shr. Alfonso, Venezuelan Ministru mina nian no fundador OPEC nian, iha 1970s)
Jestaun osan bele
influensia
Hetan osan fasil ladiak ba ita.Ida ne’e representa dalan badak atu hodi hetan riku nebe tenki selu lalais wainhira iha tempo susar ka sala nia laran (David Landes) 8
Espetasaun servisu publik
Nian aumenta
Osan petroliu nian
Aumenta
Reforma husi seitor
Publiku impede netik 1 4 2 6
Hau fiar katak (...) governu Federal sei evita akumulasaun aset privadutamba specialmentu defisil atu proteje desisoens governunian konaba investamentu husi presaun polotika. (Alan Greenspan)
Despensa Publiku sae
Oras servisu hamenus 5 7 3
Difisil atu halo ema fiar ba lia los liu liu sira nebe la konkorda, maibe totalmente imposibel atu evita ema fo fiar ba iha lia fuan sira nebe midar no furak sira nebe bosok. (Sigrid Undset)
Seitor nebe la kobre mout
ba beibeik
(Moras Holandes nian)

11. Oinsa mak atu evita rekursu nebe perigu?
Politika nebe prudente, transparensia no akontabilidade konaba operasaun iha areas balun
Jestaun no taxa husi fatin ke’e ka fati mina no gas
Pagamentus husi kompanhia Mina (EITI)
Planu no exekusaun orsamentu governu nian
Jestaun konaba reservba finansial (Deposita/osan mina)
Instituisoens seitor publiku ho qualidade be a’as
Hari konsensus ida iha jestaun ida nia laran ho tempo be naruk husi riku soin mina ba Timor Oan sira nia benefitu iha loron aban bainrua
Presisa informa ba publiku ho sentimentu nebe klaru konaba Timor oan sira nia propriedade.
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Ida ne’e importante atu hasae standar komprehensaun publika, no halo politika nebe sublinha ba transparensia no akuntabilidade

12. Transparensia & Akuntabilidade relasione ho deposita osan mina rai (1)
Nivel a’as konaba transparensia iha planu no operasoens fundu
Halo reportazen ida nebe komprehensivu no asesivel konaba jestaun osan, no osan nebe sai ou gastu ne’e konsistensia no konsiderasaun praju naruk nian.
MoPF: Halo relatoriu iha dokumentus orsamental no relatorio annual
Osan nebe tama no osan nebe sai
Osan nebe sai konsistente no antisipasaun ho konsiderasaun ba praju naruk nian.
Osan nebe tama ou fila, hodi akumula valor no strategia investamentu nian.
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.

13. Transparensia & Akuntabilidade relasione ho deposita osan mina rai (2)
BPA: Halo relatoriu trimestral konaba jestaun operasional (Valor osan, aktividade investamentu, kontrola ba risku, ect)
External, Halo auditu nebe independente (Liu husi MoPF no BPA)
Halo konsiderasaun ba hari ”supervisor” ida nebe independente – konselho hosi ema importante sira atu hare no fo konselho ba parlamentu konaba aspeitu hotu-hotu husi operasoens osan ?
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Teransparensia no akuntabilidade presisa sublina iha aspeitu hotu-hotu husi osan petroliu nian, ida ne’e importante atu asegura jestaun riku soin mina rai nian.

14. Ajenda Tamba sa mak depozito petroliu ida?
Poupa osan. Konsumusaun nebe diak
Riku soin mina – graca ida ka susar ida?
Graca ida wainhira maneija didiak. Susar ida wainhira maneija la diak
Mapa konaba osan petroliu nian: Osan tama nian, osan sai nian, Jestaun
Politika ida nebe komprehensivu. Haforsa/ hametin instituisaun sira nebe iha ona. Transparensia no akuntabilidade
Wainhira no oinsa mak atu gasta osan

15. Mapa osan petroliu nian – Prinsipiu sira nebe importante
Integradu ho orsamentu
Prevene duplikasaun, politika nebe kordena hamutuk atu fo fuan nebe diak, hari kapasidade husi instituisaun sira nebe iha ona.
Jestaun nebe prudente
Salva investimentu, riku soin sira nebe iha rai maran, buat sira nebe la real.
Investamentu domestika iha risku barak liu, bele hakanek ekonomia (inflasaun sasan nia folin, governasaun nebe la diak,)
Transparensia no akuntabilidade
Fo hatudu ba publiku konaba osan, esplika konaba politikamekanismu atu prevenu utilizasaun osan nebe la los, auditor husi liur.
Prevene utilizasaun osan se wainhira la iha autorizasaun, fo informsaun nebe barak no halo desizaun nebe diak, kria no hari konfiansa publika.
Mantein nafatin soberania parlamentu nian

16. Oinsa mak osan mina nebe propoin lao?
Rendimentu husi mina rai +mai husi investamentu
Rendimentu Domestika
Fundu Mina-rai
Orsamentu
Transfere hodi suporta fali ba orsamentu nebe iha defisit (La inklui petroliu)
The Petroleum Fund is an integrated part of the government finances.
The income of the Fund consists of the net cash flow from petroleum activities plus the return on the Fund’s assets.
The expenditure of the Fund is a transfer to the Fiscal budget to finance the non-oil budget deficit.
Thus, the Fund’s construction creates a direct link from the use of the Fund’s capital and the non-oil budget deficit.
Increased government expenditure or lower tax incomes from mainland activities result in smaller allocations to the Fund.
Gastu sira • konsumasaun • investimentu (infrastrutura, kapital humanu)

17. Ilustrasaun, Halo nusa mak Fundu Mina-rai integrado ba Orcamento
The Petroleum Fund is an integrated part of the government finances.
The income of the Fund consists of the net cash flow from petroleum activities plus the return on the Fund’s assets.
The expenditure of the Fund is a transfer to the Fiscal budget to finance the non-oil budget deficit.
Thus, the Fund’s construction creates a direct link from the use of the Fund’s capital and the non-oil budget deficit.
Increased government expenditure or lower tax incomes from mainland activities result in smaller allocations to the Fund.

18. Fundu Mina-rai Orsamentu
Rendimentu husi mina-rai +mai husi investamentu
Rendimentu domestika
129 37 76
Fundu Mina-rai
Orsamentu
Transfere hodi suporta fali ba orsamentu nebe iha defisit (La inklui petroliu)
113
The Petroleum Fund is an integrated part of the government finances.
The income of the Fund consists of the net cash flow from petroleum activities plus the return on the Fund’s assets.
The expenditure of the Fund is a transfer to the Fiscal budget to finance the non-oil budget deficit.
Thus, the Fund’s construction creates a direct link from the use of the Fund’s capital and the non-oil budget deficit.
Increased government expenditure or lower tax incomes from mainland activities result in smaller allocations to the Fund.
Gastu sira • konsumasaun • investimentu (infrastrutura, kapital humanu)
Note: Numerus nebe hatudu konaba osan hola husi slide tabela uluk liu ba

19. Ilustrasaun ida konaba osan mina rai nian
The Petroleum Fund is an integrated part of the government finances.
The income of the Fund consists of the net cash flow from petroleum activities plus the return on the Fund’s assets.
The expenditure of the Fund is a transfer to the Fiscal budget to finance the non-oil budget deficit.
Thus, the Fund’s construction creates a direct link from the use of the Fund’s capital and the non-oil budget deficit.
Increased government expenditure or lower tax incomes from mainland activities result in smaller allocations to the Fund.

20. Planu konaba osan signifika katak:
Osan nudar instrumentu ida atu rai, no mos politika atu rai osan hakotu iha orsamentu
Nasaun ida bele rai osan hodi investe ba fisiko ou investe financial
Tan ne’e orsamentu mak deside konaba politika rai osan nian:
Osan hira mak hasai ba konsumasaun foin lalais ne’e
Osan hira mak gasta ba investamentu fisiku, hanesan investamentu iha infrastrutura (dalan sira) no kapital humana (saude, edukasaun)
Osan hira mak rai iha aset finansia (Osan mina rai nian)

21. Jestaun ba osan mina rai nian - Konsiderasoens nebe importante tebes
Linha nebe klaru konaba responsibilidade entre ministeriu do Plano e das Financas hanesan nia nain no BPA hanesan Maneijer. Servisu BPA nian: Halao didiak nia benchmark (Hare ba risko), Foli –Jestaun nebe efisiente .
Transparencia konaba jestaun ba publiku sira liu-liu konaba objektivu no rendimentu sira, relatoriu publiku konaba jestaun no assesu tomak ba propriedade osan
Kontrola jestaun liu husi
Konsulta ho parlamentu relasione ho asuntu importante
Halo auditu independente no husi liur (no sukat mina nia resultadu)
Karik diak liu konselho ida husi ema importante sira
The Fund was established by law in 1990.
The law defines the funds income and expenses. Fund mechanisma – explained by Øystein
The law states that the Ministry of Finance is the manager of the fund. MoF has delegated the operational management of the fund to Norges Bank (the norwegian central bank).
These are three concerns that we have found very important for the management of the fund …
Openness:
2003:
Discussions in revised national budget in May and National budget in October
Published two letters from Norges Bank
Published two reports from our external consultant (Mercer Inv.Consulting)
Important because
Clear lines of responsibility makes evaluation easier – easier to improve what is not so good
Openness increases interest in the fun
-it is an incentive for those who work with the fund
-documentation and open analysis increases the robustness – risk willingness
-educate the public opinion
Control
-increases the confidence in the fund

22. Jestaun konaba osan mina rai nian - Linha nebe klaru konaba responsabilidade
Ministério do Plano e das Finanças
Hola responsabilidade tomak
Stratejia alokasaun aset
Limite risku
Halo evaluasaun ba jestaun operasional
Autoridade Bankaria no Pagamentu
Kria stratejia investamentu
Risku Jestaun nian
Kontas no relatoriu
Hato’o konselho ba ministeriu konaba stratejia atu halo desizaun iha investamentu

23. Jestaun osan mina rai nian - Stratejia investamentu
Osan tenke investa aseguramente iha risku nebe ki’ik iha aset finansial husi liur nian.
Tambasa mak ba investa iha rai liur? Hamenus risku no hamenus presaun ba ekonomia domestika
Investa iha rai laran iha merkadu finansial nebe ki’ik sei fo diversifikasaun nebe ki’ik ba risku iha politika no finansial (ref. Kuwait), aumenta risku ba korupsaun no governasaun nebe ladiak, presu nebe sae maka’as no dezenvolvementu ekonomia nebe la iha balansu(“Moras Holandes” no “rekursu nebe ladun diak”)
The Fund was established by law in 1990.
The law defines the funds income and expenses. Fund mechanisma – explained by Øystein
The law states that the Ministry of Finance is the manager of the fund. MoF has delegated the operational management of the fund to Norges Bank (the norwegian central bank).
These are three concerns that we have found very important for the management of the fund …
Openness:
2003:
Discussions in revised national budget in May and National budget in October
Published two letters from Norges Bank
Published two reports from our external consultant (Mercer Inv.Consulting)
Important because
Clear lines of responsibility makes evaluation easier – easier to improve what is not so good
Openness increases interest in the fun
-it is an incentive for those who work with the fund
-documentation and open analysis increases the robustness – risk willingness
-educate the public opinion
Control
-increases the confidence in the fund

24. Ajenda Tamba sa mak depozito petroliu ida?
Poupa osan. Konsumusaun nebe diak
Riku soin mina – graca ida ka susar ida?
Graca ida wainhira maneija didiak. Susar ida wainhira maneija la diak
Mapa konaba osan petroliu nian: Osan tama nian, osan sai nian, Jestaun
Politika ida nebe komprehensivu. Haforsa/ hametin instituisaun sira nebe iha ona. Transparensia no akuntabilidade
Wainhira no oinsa mak atu gasta osan (politika konaba rai osan)
Presisa gastu ho sustentavel
Keta haluha katak osan mina-rai nian mak kareta investamentu nian, no distintamente separa husi desisaun konaba politika investamentu nian.

25. Politika investamentu – Osan hira mak atu gasta agora no osan hira mak atu reserva ba loron aban bain rua?
Orsamentu regular governu mak deside konaba politika investamentu. Osan hira mak atu gasta ba konsumasaun publiku no osan hira mak atu reserva. No mos desisaun atu rai osan hodi investa iha aset fisiku sira ou aset finansial (iha osan petroliu nian). Depende ba profitu nebe hetan
Valor osan nebe tama ba projeitu investamentu iha infrastutura no kapital humana nian iha Timor Leste a’as liu fali osan nebe tama mai. Maibe limitasaun nebe perigu liu mak kapasidade husi instituisaun lokal atu hodi indentifika no implementa projeitu sira.
Ida ne’e mak lisaun chave ida husi nasaun sira seluk (la limite ba nasaun sira nebe hahun dezenvolve an)

26. Strutura politika fiskal
Nasoens barak iha regulamentu fiskal ou procedementu (hanesan limitasaun ba orsamentu nebe dificit ou debet). Objektivu husi ne’e mak atu implementa politika fiskal nebe diak hodi redus deskrisaun.
Formaliza politika reserva osan nian ka lae, maibe presisa fo atensaun ba osan sira nebe fo sai husi Fundu Mina-rai, tenkiser konsistente no konsidera ho praju tempu naruk nian.
Presisa hola konsiderasaun konaba politika fiskal nian:
Igualidade entre jerasaun
Kapasidade atu dada husi ekonomia nian
Stabilizasaun iha Makroekonomia

27. Politika fiskal posivel
Gastu husi rendimentu mina nian
Politika fiskal posivel
Mantein nafatin riku soin mina rai nian
Mantein nafatin valor husi riku soin mina rai per kapita (wainhira populasaun aumenta)
Valor husi riku soin mina rai
(Fundu Mina-rai + rekursu mina-rai)
Tempu
Parsial nebe husi petroliu nebe maran ba bei-beik iha termu medium, no stabiliza fali
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Note: Grafiku ida ne’e atu hatududeit ilustrasaun jeral ida. Sumariu aktual diferensia maka’aslos, depende ba formulasaun politika. Iha mos nivel risku nebe la hanesan haleu sumario ne’e, no mos nebe la hatudu iha sumariu ne’e.
Tempu

28. Politika do Governo sobre Poupansa
Manter valor real ba riko soin mina-rai
Gastu husi rendimentu mina nian
Hateten katak:
Atu gasto ”Rendamento Permanente” (hanesan, total bele hatutan ba oin nafatin/sustentavel)
Tempu
Valor husi riku soin mina rai
(Fundu Mina-rai + rekursu mina-rai)
Since oil and gas are exhaustible resources, it follows that a significant part of the current cash flows should not be regarded as ordinary income, but as a resource rent.
Correspondingly, the exploitation of the petroleum resources is a wealth management problem.
The main principle is illustrated in the figure, and the conclusions are:
i) The petroleum resources allow higher consumption over time,
ii) But spending must be separated from the actual production/income profile.
Mina rai kido
Note: Grafiku ida ne’e atu hatududeit ilustrasaun jeral ida.
Fundu Mina-rai
Tempu

29. Politika do Governo sobre Poupansa: Manter valor real ba riko soin Petroleo
Hanoin atu gasto ”Rendamento Permanente”
Hanesan, total bele hatutan ba oin nafatin
Timor Leste sei gasto ba nafatin sei liu hosi $ 100m
Receitas Domestika (sei liu hosi $ 30m)
Rendimento Permanete hosi Petroleo (liu hosi $ 70m)
Maibe: Estimativa Revisaun (Estimativa ne sei hare hosi preso)
Gasto sei sae neneik
Gasto tinan kotuk $ 75
Presiju halo lolos exstra gasto la bele sae
Poupansa sei sae lalais

30. Estimativa de corente hosi politika de poupansa
Despesa do Governo e osan de poupansa
Akumulasaun de poupansa iha Fundo de Petroleo

31. Sumariu husi proposta osan petroliu nian
Objektivu: Instrumentu ida atu maneija riku soin petroliu diak liu ho matenek, atu tulu hari kompresaun ida ba nesesidade atu rai parte substansial balun husi rendimentu petroliu.
Osan nebe tama: Remdimentu sira hotu nebe husi mina rai + profitu husi investamentu
Gastu husi fundu: Quantidade nebe presisa atu finansa orsamentu governu nian nebe deficit (la inklui rendimentu mina rai). Ida ne’e signifika katak fundu totalmente integradu ba orsamentu governu nian.
Jestaun fundu: Fundu ne’e atu investa aseguramente iha risku aset finansial nebe kaman diak liu iha rai liur.MoPF iha responsabilidade tomak, no ninia jestaun operasional sei delega ba BPA.
Transparensia: Iha nivel nebe a’as konaba transparensia operasaun, inklui relatoriu nebe komprehensivu no asesivel konaba jestaun fundu no osan nebe sai mos sustentavel. Ema ruam bele konsidera konaba hari konselho independente ida husi ema importante sira atu bele halo supervisaun.

32. Novas Estimativas das Receitas
Receitas de Petróleo mais elevadas
Preços mais elevados para o petróleo
Afecta os impostos e a PTP/FTP
Receitas do Petróleo duplicam durante os próximos 4 anos
Receitas Domésticas mais Elevadas
Aumento da Arrecadação
Melhor Administração

33. Revisão às Receitas Petrolíferas

34. Riscos e Incertezas Estimativas das Receitas irão mudar
Sobem ou Descem? Grandes ou Pequenas?

35. Novas Estimativas das Receitas