East Timor approves measure to join global financial institutions upon independence

The plan put forward by the Ministry of Finance and approved by the Council of Ministers would enable East Timor to join the World Bank, the International Monetary Fund and the Asian Development Bank after achieving statehood on 20 May, according to the UN Transitional Administration (UNTAET).The Council also approved a new organizational structure of the Second Transitional Government, a $19.2 million assistance package from Japan for various public works projects, and a proposal to increase the health ministry’s ability to provide international-standard mental health services over the next three years.In other action, the Ministers endorsed a foreign affairs package that included a recommendation that several agreements signed by UNTAET/East Timor and Indonesia would remain valid until new accords were negotiated and signed.Among the agreements are those that cover the movement of people and goods between East Timor and the Oecussi enclave, which is located in Indonesian West Timor; the Joint Border Commission; postal services; the Indonesian rupiah; and pension payments to former East Timorese who served in the Indonesian civil service, police and military. read more