This article needs to be updated.(May 2021)
The Timor-Leste Petroleum Fund (Portuguese : Fundo petrolífero de Timor-Leste) is a sovereign wealth fund into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.
The fund was established in 2005 with an opening balance of $205 million.As of 31 December 2010, the capital of the fund was US$6.9 billion.
The fund signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds and joined the International Forum of Sovereign Wealth Funds.As a member it publishes how it adopts and implements the principles within its governance procedures. In December 2021 the fund had US$18.5 billion in assets under management.
Earnings of the fund were around 4% for the last 5 years, as of July 2011.A key milestone was achieved in June 2014 when the equity allocation in the fund reached 40%. The Petroleum Fund returned 3.3% in 2014, or 2.5% after inflation. The fund's end-of-year balance in 2014 was $16.5 billion.
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The economy of East Timor is a low-income economy as ranked by the World Bank. It is placed 133rd on the Human Development Index, indicating a medium level of human development. 20% of the population is unemployed, and 52.9% live on less than $1.25 a day. About half of the population is illiterate. At 27%, East Timor's urbanisation rate is one of the lowest in the world.
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