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The Political Economy of Natural Resource FundsThe Timor-Leste Petroleum Fund: From Buying Peace to White Elephants

The Political Economy of Natural Resource Funds: The Timor-Leste Petroleum Fund: From Buying... [Sovereign Wealth Funds rarely have the opportunity to be examined from their beginning concurrently with the installation of sovereignty for the country itself. This is the unique case of Timor-Leste (formerly known as East Timor), built up from information provided by all stakeholders in the establishment and ongoing operation of the country’s Petroleum Fund. With oil and gas fields in the Timor Sea plentiful and already extracted previously by Indonesia, the United Nations administration ensured the Norwegian model should be the basis for setting up the Fund. Thus, Timor-Leste began well by establishing a globally acknowledged well-designed Fund soon after gaining sovereignty. This chapter examines the Fund from the amity of its inception to the realities of a post-conflict society. These realities soon became apparent after civil disturbances resulted in Fund resources being used to “buy the peace.” Then emerged economic and social pressures of large infrastructure development where major projects were raising concerns as to whether the Fund is being used to construct white elephants. Together these two acute influences have the potential for the Resource Curse to emerge on the horizon if the big spending “peace and development” strategy fails.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

The Political Economy of Natural Resource FundsThe Timor-Leste Petroleum Fund: From Buying Peace to White Elephants

Part of the International Political Economy Series Book Series
Editors: Okpanachi, Eyene; Chowdhari Tremblay, Reeta
Courvisanos, Jerry; Doraisami, Anita
The Political Economy of Natural Resource Funds — Aug 14, 2021
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27 pages

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
ISBN
978-3-030-78250-4
Pages
233 –260
DOI
10.1007/978-3-030-78251-1_10
Publisher site
See Chapter on Publisher Site

Abstract

[Sovereign Wealth Funds rarely have the opportunity to be examined from their beginning concurrently with the installation of sovereignty for the country itself. This is the unique case of Timor-Leste (formerly known as East Timor), built up from information provided by all stakeholders in the establishment and ongoing operation of the country’s Petroleum Fund. With oil and gas fields in the Timor Sea plentiful and already extracted previously by Indonesia, the United Nations administration ensured the Norwegian model should be the basis for setting up the Fund. Thus, Timor-Leste began well by establishing a globally acknowledged well-designed Fund soon after gaining sovereignty. This chapter examines the Fund from the amity of its inception to the realities of a post-conflict society. These realities soon became apparent after civil disturbances resulted in Fund resources being used to “buy the peace.” Then emerged economic and social pressures of large infrastructure development where major projects were raising concerns as to whether the Fund is being used to construct white elephants. Together these two acute influences have the potential for the Resource Curse to emerge on the horizon if the big spending “peace and development” strategy fails.]

Published: Aug 14, 2021

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