First Day of Business for a New Nation
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EAST TIMOR
In its first day as an independent nation, East Timor swore in a Cabinet and signed a key oil treaty with Australia.
The treaty divides oil and gas revenues from Timor Sea reserves 90-10 in East Timor’s favor.
But the revenues are not expected to kick in until 2005. Until then, East Timor, which has a 40% illiteracy rate and a 70% jobless rate, will depend on foreign aid.
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