Timor-Leste: Oil Plan Stalled as East Timor President Vetoes State Budget

Jan 23, 2019 | Oki Raimundos, Associated Press
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East Timor's president has vetoed the government's budget, possibly jeopardizing plans to develop the Greater Sunrise oil and gas field, seen by leading East Timorese politicians as crucial to the impoverished country's future. President Francisco Guterres Lu Olo said Wednesday the 2019 budget agreed to by the parliament in December would drag the country further into deficit and force it to draw down more reserves from an oil riches fund already forecast to be depleted in a decade.