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International Monetary Fund. Asia and Pacific Dept

1. Timor-Leste has made impressive strides in economic development and institution building. In the wake of the 1999 referendum, the economy and the institutional structure of the country were completely disrupted. Major economic functions came to a halt or were dismantled, including the banking and payments system, and the tax and customs administrations, while most of the basic services such as schools, electricity, water supply, and roads were destroyed. Since its independence in 2002, Timor-Leste has had several democratic elections, made progress in human development indicators, rebuilt its infrastructure and government institutions, and reduced conflict and violence.