The Ministry of Finance (MOF) is the Government department responsible for the design, implementation, coordination, and evaluation of policy, defined and approved by the Council of Ministers, for the areas of annual planning and monitoring of budget and public finances.
Fiscal policy is the primary instrument for the responsible management of the economy and for achieving growth and development in Timor-Leste and the MOF plays a critical role in the formulation and conduct of this policy. In addition, the MOF tracks and monitors public finance expenses, which is necessary to ensure the efficient execution of GOTL policies. Key functions include:
- Proposing macroeconomic, monetary, and exchange-rate policies, together with the central bank.
- Developing policies and drafts laws and regulations on revenues, budgetary frameworks, procurements, public accounting, public finance, auditing and control of the State treasury and issuing and management of the public debt.
- Administering the petroleum fund of Timor-Leste.
- Working in cooperation with the Ministry of Foreign Affairs and Cooperation, to coordinate the relationship of Timor-Leste with donors.
- Managing the external public debt, the State’s stakes in companies and external assistance. This includes coordinating and defining it’s financial and tax aspects.
- Managing the State’s assets.
The Tax Authority, the Customs Authority, and the National Procurement Commission are dependent of the Ministry of Finance.