East Timor

The Democratic Republic of Timor-Leste or East Timor is a nation in Southeast Asia, consisting of the eastern half of the island of Timor, the nearby islands of Atauro and Jaco, and Oecussi-Ambeno, an exclave of East Timor situated on the western side of the island, surrounded by West Timor.

Economy

Main article: Economy of East Timor

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Prior to and during colonisation Timor was best known for its sandalwood. In late 1999, about 70% of the economic infrastructure of East Timor was laid waste by Indonesian troops and anti-independence militias, and 260,000 people fled westward. Over the next three years a massive international program led by the UN, manned by civilian advisers, 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. By mid-2002, all but about 50,000 of the refugees had returned. This successful UN effort was headed by Special Representative of the Secretary-General, Sérgio Vieira de Mello, later to become High Commissioner for Human Rights, who was killed in Baghdad in August 2003.

Related Topics:
Sandalwood - 1999 - Infrastructure - Indonesia - Sérgio Vieira de Mello

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The country faces great challenges in continuing the rebuilding of infrastructure and the strengthening of the infant civil administration. One promising long-term project is the joint development with Australia of petroleum and natural gas resources in the south-eastern waters off Timor, a location which became known as the Timor gap following the signing by Australia and Indonesia of the 'Timor Gap Treaty' when East Timor was still under Indonesian occupation. East Timor inherited no permanent maritime boundaries when it attained independence, and the Government of East Timor is seeking to negotiate a boundary with Australia halfway between it and Australia. As at May 2004, the Government of Australia wanted to establish the boundary at the end of the Australian continental shelf. Normally a maritime dispute such as this could be referred to the International Court of Justice or the International Tribunal for the Law of the Sea for an impartial decision. However Australia withdrew from these organisations when it realised that East Timor might invoke these dispute resolution mechanisms. Many advocacy groups claimed that Australia deliberately obstructed negotiations because the existing arrangement benefited Australia financially. On July 7, 2005, an agreement was finally reached under which both countries would set aside the dispute over the maritime boundary, and East Timor would receive A$13 billion (US$9.65 billion) in revenue.

Related Topics:
Australia - Petroleum - Natural gas - Timor gap - Continental shelf - International Court of Justice - International Tribunal for the Law of the Sea - July 7 - 2005 - A$ - US

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Banks

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Currently three foreign banks have a branch in Dili: ANZ Bank, Banco Nacional Ultramarino, and Bank Mandiri.

Related Topics:
ANZ Bank - Banco Nacional Ultramarino - Bank Mandiri

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Note: East Timor is listed on the Per capita income page as the lowest in the world.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~