July 2012 Vol. 17 No. 07
Timor Leste Petroleum Fund escalates 50 times in under seven years
Category: Asia, Australia, U.S.A., Brunei
By William R Thomson
Portfolio aims for even split between global equities and global fixed income
Timor Leste (East Timor) gained its independence from Indonesia in a United Nations sponsored referendum in 1999 and became a sovereign state and member of the United Nations in May 2002. With a population of 1.1 million, it is the second smallest country in Southeast Asia, after Brunei, and was the least developed at independence with its sole export being organic coffee. Economic growth has since been rapid, on the back of oil revenues and reconstruction from war.
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