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This 2019 Article IV Consultation highlights that Timor-Leste remains a fragile post-conflict nation with weak human and institutional capacity and large infrastructure gaps. The main challenge facing Timor-Leste is to effectively manage its petroleum wealth to reduce public-sector dependence, diversify the non-oil economy, generate jobs for a young and rapidly-growing population, and raise living standards. Political uncertainty constrained public spending in 2017–18, resulting in a sharp contraction of non-oil GDP in 2017 and flat growth in 2018. The report discusses that risks to the outlook are closely tied to the success of fiscal and structural reforms to maintain macroeconomic stability, ensure long-run fiscal sustainability, and facilitate economic diversification. The consultation recommends that a fiscal strategy should be pursued to improve expenditure control and efficiency, mobilize domestic revenue, and commit to protecting the wealth of the Petroleum Fund. Ongoing efforts to strengthen public financial management and promote good governance are crucial to ensure public investment efficiency and enhance the quality of public services.

International Monetary Fund. --- World Bank Group --- Asian Development Bank --- ADB --- Banque asiatique de développement --- Grupa Svjetske banke --- Groupe de la Banque mondiale --- Gruppo della Banca mondiale --- Majmūʻat al-Bank al-Dawlī --- Nhóm Ngân hàng thế giới --- Grupo del Banco Mundial --- Internationaal monetair fonds --- International monetary fund --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Energy: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Public finance & taxation --- International economics --- Investment & securities --- Econometrics & economic statistics --- Public debt --- External debt --- Oil --- Public financial management (PFM) --- Expenditure --- Commodities --- Debts, External --- Debts, Public --- Petroleum industry and trade --- Finance, Public --- Expenditures, Public --- Timor

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This paper discusses key findings of the Third Review Under the Policy Support Instrument for Senegal. All end-December 2011 quantitative assessment criteria were met—except one on the overall fiscal balance, which was missed by a small margin. Some progress was achieved in structural reforms but a number of benchmarks were missed. The new authorities have confirmed their commitment to the objectives of the program. IMF staff recommends completion of the review and supports the waiver for nonobservance of the end-December 2011 assessment criterion on the overall fiscal deficit.

Fiscal policy --- Structural adjustment (Economic policy) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- International Monetary Fund --- World Bank Group --- Grupa Svjetske banke --- Groupe de la Banque mondiale --- Gruppo della Banca mondiale --- Majmūʻat al-Bank al-Dawlī --- Nhóm Ngân hàng thế giới --- Grupo del Banco Mundial --- Internationaal monetair fonds --- International monetary fund --- Senegal --- Dēmokratia tēs Senegalēs --- Gouvernement de la République du Sénégal --- Gouvernement du Sénégal --- Gweriniaeth Sénégal --- Réewum Senegaal --- Republic of Senegal --- Republica de Senegal --- República del Senegal --- Rèpublica du Sènègal --- Republiek van Senegal --- Republik Senegal --- Republika Senegal --- République du Sénégal --- Rėspublika Senehal --- Saaxle Senegaal --- Senegalē --- Senegali Vabariik --- Senegalská republika --- Senegaru --- Senehal --- Seneqal --- Seneqal Respublikası --- Sinighāl --- Territoire du Sénégal --- Σενεγαλη --- Δημοκρατια της Σενεγαλης --- Рэспубліка Сенегал --- Сенегал --- سنغال --- セネガル --- French Sudan --- Mali --- Mali Federation --- Sudanese Republic --- Economic conditions --- Economic indicators --- Debts, Public --- Debts, External --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Deficit financing --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Economic conditions. --- Economic policy. --- E-books --- Accounting --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- Debt Management --- Sovereign Debt --- Trade Policy --- International Trade Organizations --- General Aggregative Models: General --- Public Administration --- Public Sector Accounting and Audits --- Public finance & taxation --- Sales tax, tariffs & customs duties --- Public finance accounting --- Public financial management (PFM) --- Government debt management --- Expenditure --- Current spending --- Expenditures, Public --- Customs administration --- National income