E. Timor sets finance rule

E. Timor sets finance rule

JAKARTA (JP): The United Nations Transitional Administration
in East Timor (UNTAET) chief, Sergio de Mello, said on Monday he
had signed a new regulation establishing a central fiscal
authority, the embryo of a future finance ministry for the
territory.

De Mello said in a statement that the establishment of such an
office was "fundamental" because "no country can function without
such a fiscal authority and because no donor will give us a penny
unless such a credible capacity is in place."

Earlier, UNTAET and East Timorese leaders grouped under the
National Consultative Council agreed to allow the use of foreign
currencies in business transactions.

Currencies currently in use are the Indonesian rupiah, the
Australian dollar and the U.S. dollar.