Vice Governor of BCTL , Venâncio Maria Alves explains the trimestral report of Petroleum Fund in BCTL (Image Tatoli/Antónia Gusmão)

DILI, 05 august 2020 (TATOLI)- The Petroleum fund has grown to US$18.07 Billion in the second quarter, which is up from the US$17.03 billion reported in the first quarter.

BTCL Vice Governor, Venâncio Maria Alves, said the growth of this fund in the second quarter was $255.85 million. The amount approved by the National Parliament and transferred to the state was $250 million. The remaining $5.85 million has been designated to manage costs and net revenue.

‘In March 2020 the fund fell $844 Million, but in this quarter we have seen gains, which has risen the total number to $1.2 Billion dollars, which is a positive recovery of $386 million” said Mr. Alves

Mr. Alves explain the resuming fund cause by the international financial market which many countries have implemented the measure for reopening their economic, during the state of emergency to provide space for the economic activities to run after many countries include United State and other big countries conduct the stimulated the action of fiscal politic, that support their national economy and give the positive feedback in the financial market.

Mr Alves explains that the growth of the fund can be explained by global markets opening up as economies begin to start trading again after the economic shutdowns caused by COVID19.

Journalist: Antónia Gusmão

Editor: Julia Chatarina/Nick Kettle

Translation: Nelia Borges

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