REMITTANCE MOBILIZATION STRATEGY FOR TIMOR-LESTE

Introduction

This strategy is a Remittance Mobilization Strategy for the Government of Timor-Leste (GoTL) which is designed to incubate and scale strategic approaches that can help to leverage remittances to contribute to the socio-economic development of Timor-Leste. The strategy reflects the evolving economic landscape of Timor-Leste which is accelerating a need to create innovative financial tools to diversify the economy of the country to safeguard its future prosperity.

The Timorese diaspora, as a maturing repository of financial and non-financial diaspora capital, is fast- emerging as a key co-creator of sustainable development in Timor-Leste. In advancing the inaugural Timor-Leste National Diaspora Engagement Policy, 2023 – 2027, and National Diaspora Engagement Action Plan, 2023 – 2027, the GoTL has signalled the growing policy and developmental importance of the Timorese diaspora in contributing to the prosperity of the country and its communities abroad.

Therefore, this strategy is designed to be coherent with the national policy and national action plan by providing a short and incisive strategic approach to contribute to some of the key recommendations of those documents in relationship to remittance mobilization. The strategy has three sections.

Section one outlines the current challenges that this strategy must respond to. Section two outlines the potential opportunities that remittance mobilization, through the lens of diaspora financing, can provide for the development of Timor-Leste. Section three provides the core pillars of the strategy and the recommended actions to deliver impactful change on how remittances can be moved for collective impact through inclusive remittance frameworks.