The influence of International Monetary Fund on
Timor-Leste’s economic framework
Author: Tomas Freitas
Introduction
In general the enforcement of Structural Adjustment Programs (SAPs) and Poverty Reduction Strategy Papers (PRSP) by the International Monetary Fund and World Bank are normally applied to countries that need loans to finance their budget deficits in order to promote growth and reduce poverty (Easterly, 2003). However, it does not mean that countries without debts with the IMF and World Bank will be able to independently set up their economic policies without IFI influence.
This essay will analyse the influence of IFIs on the Timor-Leste economic framework through adherence to Sound Macroeconomic Management (IMF, 2000). The IMF believes that with a foundation of Sound Macroeconomic Management, it will impose pro-poor policies. This paper will carefully examine one of the policies which is considered to have been a key factor in accelerating growth and reducing poverty, that is “Implementing trade and investment policies that promote growth of production and employment to benefit the poor” (IMF, 2005, pp.31).
Structural Adjustment Policies (SAPs) were originally created for the restoration of growth after the debt crisis of the 1970s (United Nations Centre for Human Settlement, 2001). In fact, after the Asian crisis in the mid-1990s, the IMF and World Bank realised that SAPs do not really reduce poverty (Easterly, 2003). Therefore, PRSPs were designed to minimise poverty. Through the engagement of the private sector and civil society in the government sectoral working group (IMF, 2009), the IMF and World Bank believed that countries would boost investment and create jobs in the private sector.
Historically, Timor-Leste was colonised by Portugal for 450 years, and occupied by Indonesia for 24 years. As a new country in the 21st century, Timor-Leste restored independence in 2002, and currently has a population of 1.2 million. Geographically Timor-Leste is located between the regions of the Pacific and South East Asia. With the official name Democratic Republic of Timor-Leste, the new nation is administratively divided into 13 districts with Dili as the capital. As a fragile State, Timor-Leste still faces basic problems common to those confronted by many post-conflict countries. The health sector is one example; every year 380 children die from diarrhoea (Ministry of Health, 2011); the under-five child mortality rate is 56 per 1000 births and life expectancy is 62.5 years (UNDP, 2012). Timor-Leste’s Gross National Income (GNI) per capita is about $3,005 million US Dollars (UNDP, 2012), and Gross Domestic Product (GDP) per capita is about $3,949 US dollars (IMF, 2012).
In October 1999, the IMF was appointed by the United Nations to manage the development of East Timor’s future economy. During the transition period from 2000 to 2002, the IMF was successful in establishing two important institutions, the Central Payments Office now known as the Central Bank of Timor-Leste, and the Central Fiscal Authority which became the Ministry of Finance (IMF, 2000). In addition, the IMF also successfully convinced the top Timorese leaders to accept the US dollar as the official currency, and also was instrumental in leading to decisions to limit numbers of civil servants and lower wages and salaries (IMF, 2000). At the same time, the World Bank led the implementation of all reconstruction projects funded by the Transitional Fund for East Timor (TFET) (Lao Hamutuk 2000). During the transitional period 2000-2002 until 2005-2006, the majority of government expenditure was from foreign aid such as bilateral and multilateral donors (Ministry of Finance, 2006).
According to the IMF (2007) one of the factors that could become a barrier for implementing trade and investment policies in Timor-Leste is government tax. Therefore, deregulation has been taking place since 2008, and the National Parliament at this time amended tax regulation No 2000/18 to suit trade and investment interests (Ministry of Finance, 2008). Existing taxes including import tax, excise tax, service tax, income and wages tax (UNTAET, 2000; Luta Hamutuk, 2008a) were reduced significantly to promote private sector activities in trade and investment, which they believed could generate growth of production and employment. The differences between previous and current regulation can be seen from the data in Table 1 below.
Timor-Leste’s economic framework
Author: Tomas Freitas
Introduction
In general the enforcement of Structural Adjustment Programs (SAPs) and Poverty Reduction Strategy Papers (PRSP) by the International Monetary Fund and World Bank are normally applied to countries that need loans to finance their budget deficits in order to promote growth and reduce poverty (Easterly, 2003). However, it does not mean that countries without debts with the IMF and World Bank will be able to independently set up their economic policies without IFI influence.
This essay will analyse the influence of IFIs on the Timor-Leste economic framework through adherence to Sound Macroeconomic Management (IMF, 2000). The IMF believes that with a foundation of Sound Macroeconomic Management, it will impose pro-poor policies. This paper will carefully examine one of the policies which is considered to have been a key factor in accelerating growth and reducing poverty, that is “Implementing trade and investment policies that promote growth of production and employment to benefit the poor” (IMF, 2005, pp.31).
Structural Adjustment Policies (SAPs) were originally created for the restoration of growth after the debt crisis of the 1970s (United Nations Centre for Human Settlement, 2001). In fact, after the Asian crisis in the mid-1990s, the IMF and World Bank realised that SAPs do not really reduce poverty (Easterly, 2003). Therefore, PRSPs were designed to minimise poverty. Through the engagement of the private sector and civil society in the government sectoral working group (IMF, 2009), the IMF and World Bank believed that countries would boost investment and create jobs in the private sector.
Historically, Timor-Leste was colonised by Portugal for 450 years, and occupied by Indonesia for 24 years. As a new country in the 21st century, Timor-Leste restored independence in 2002, and currently has a population of 1.2 million. Geographically Timor-Leste is located between the regions of the Pacific and South East Asia. With the official name Democratic Republic of Timor-Leste, the new nation is administratively divided into 13 districts with Dili as the capital. As a fragile State, Timor-Leste still faces basic problems common to those confronted by many post-conflict countries. The health sector is one example; every year 380 children die from diarrhoea (Ministry of Health, 2011); the under-five child mortality rate is 56 per 1000 births and life expectancy is 62.5 years (UNDP, 2012). Timor-Leste’s Gross National Income (GNI) per capita is about $3,005 million US Dollars (UNDP, 2012), and Gross Domestic Product (GDP) per capita is about $3,949 US dollars (IMF, 2012).
In October 1999, the IMF was appointed by the United Nations to manage the development of East Timor’s future economy. During the transition period from 2000 to 2002, the IMF was successful in establishing two important institutions, the Central Payments Office now known as the Central Bank of Timor-Leste, and the Central Fiscal Authority which became the Ministry of Finance (IMF, 2000). In addition, the IMF also successfully convinced the top Timorese leaders to accept the US dollar as the official currency, and also was instrumental in leading to decisions to limit numbers of civil servants and lower wages and salaries (IMF, 2000). At the same time, the World Bank led the implementation of all reconstruction projects funded by the Transitional Fund for East Timor (TFET) (Lao Hamutuk 2000). During the transitional period 2000-2002 until 2005-2006, the majority of government expenditure was from foreign aid such as bilateral and multilateral donors (Ministry of Finance, 2006).
According to the IMF (2007) one of the factors that could become a barrier for implementing trade and investment policies in Timor-Leste is government tax. Therefore, deregulation has been taking place since 2008, and the National Parliament at this time amended tax regulation No 2000/18 to suit trade and investment interests (Ministry of Finance, 2008). Existing taxes including import tax, excise tax, service tax, income and wages tax (UNTAET, 2000; Luta Hamutuk, 2008a) were reduced significantly to promote private sector activities in trade and investment, which they believed could generate growth of production and employment. The differences between previous and current regulation can be seen from the data in Table 1 below.
Table 1. Sources: UNTAET (2000), Luta Hamutuk (2008a) & (2008b) and Ministry of Finance (2008)
According to this data, it is clear that deregulation has benefited business and the private sector, and discriminated against the ordinary person, as reflected in the wages tax, which has barely changed from before.
An interesting question is how much employment has been generated after the taxation law was amended in 2008. According to the Timor-Leste Labour Force Survey 2010, the total labour force above the age of fifteen is about 627,000 thousand, which has been categorised into the in-active labour force at 366,000 thousand and the active labour force at 262,000 thousand. Of the active labour force, 252,000 thousand are registered as employed and 9,000 as unemployed.
Accurate comparisons are difficult, because this is the first time labour force survey statistics have been comprehensively published. However, it is still possible to see the difference in jobs creation according to the statistical data survey (National Directorate Statistic, 2007) and the Timor-Leste labour force survey (National Directorate Statistic, 2010b), as follows:
According to this data, it is clear that deregulation has benefited business and the private sector, and discriminated against the ordinary person, as reflected in the wages tax, which has barely changed from before.
An interesting question is how much employment has been generated after the taxation law was amended in 2008. According to the Timor-Leste Labour Force Survey 2010, the total labour force above the age of fifteen is about 627,000 thousand, which has been categorised into the in-active labour force at 366,000 thousand and the active labour force at 262,000 thousand. Of the active labour force, 252,000 thousand are registered as employed and 9,000 as unemployed.
Accurate comparisons are difficult, because this is the first time labour force survey statistics have been comprehensively published. However, it is still possible to see the difference in jobs creation according to the statistical data survey (National Directorate Statistic, 2007) and the Timor-Leste labour force survey (National Directorate Statistic, 2010b), as follows:
Table 2. Sources; Data Survey Statistic (National Directorate Statistic, 2007, pp207) and Timor-Leste Labour Force Survey (National Directorate Statistic, 2010b, pp39) The data shows that from 2007 to 2010, jobs have been created, though not many, and the deregulation of the taxation law has affected this. As seen in the table, number of farmers in agriculture, forestry and fisheries has decreased by about 33%, while in industries such as wholesale trade, retail, restaurants and hotels there has been an increase of approximately 15%, in public administration 4% and community and other social services have also increased by about 1%.
Even though job opportunities have increased, this does not mean that jobs are secure. As seen above, 366,000 people are categorised as the inactive labour force; job creation is sporadic and not guaranteed. Table 3 below describes those jobs that have written contracts and are of unlimited duration – these are the most important things that employees look for.
Even though job opportunities have increased, this does not mean that jobs are secure. As seen above, 366,000 people are categorised as the inactive labour force; job creation is sporadic and not guaranteed. Table 3 below describes those jobs that have written contracts and are of unlimited duration – these are the most important things that employees look for.
Table 3. Sources; Data Survey Statistic (National Directorate 2007, pp209) and Timor-Leste Labour Force Survey (National Directorate Statistic 2010, pp51)
This data shows that government is the most respected institution that can guarantee income security for the future household income. According to the Labour Force Survey, 93% of government employees have written contracts, and about 82% of contracts are for an unlimited duration. For state-owned enterprises, private companies, NGOs, embassies and international agencies, 70% of contracts are of unlimited duration and written down in contract form (National Directorate Statistic, 2010b).
If the IMF is satisfied with employment growth as described in table 2, what then is happening with the growth of production? To analyse this it is necessary to check the components of Gross Domestic Product (GDP), as written in the formula of how to calculate the GDP = C + I + G + (M-X) (Leamer, 2009, pp 44), which is described as: Gross Domestic Product = Consumption + Investment + Government Spending + (Import – Export). Table 4 below shows the elements of Timor-Leste’s GDP based on the expenditure approach.
This data shows that government is the most respected institution that can guarantee income security for the future household income. According to the Labour Force Survey, 93% of government employees have written contracts, and about 82% of contracts are for an unlimited duration. For state-owned enterprises, private companies, NGOs, embassies and international agencies, 70% of contracts are of unlimited duration and written down in contract form (National Directorate Statistic, 2010b).
If the IMF is satisfied with employment growth as described in table 2, what then is happening with the growth of production? To analyse this it is necessary to check the components of Gross Domestic Product (GDP), as written in the formula of how to calculate the GDP = C + I + G + (M-X) (Leamer, 2009, pp 44), which is described as: Gross Domestic Product = Consumption + Investment + Government Spending + (Import – Export). Table 4 below shows the elements of Timor-Leste’s GDP based on the expenditure approach.
Table 4. Sources: National Directorate statistic (2009 & 2010a), Central Bank of Timor Leste and Ministry of Finance (2012).
Looking at consumption in Table 4, household consumption has gradually increased by 7.3% every year on average. The question is: who is the consumer? Where is the income coming from? If we check the proportions of sources of employment in Table 3, we can see that 54.9% of jobs are supplied by government and the public sector such as civil servants and soldiers in the military, and that this sector is the highest supplier of jobs, more than any other sector.
Lack of investment from external and internal firms has affected local factors of production. According to the data in Table 3, the private sector has struggled to guarantee secure household income. Looking back at Table 2, and combining two items such as industries and wholesale retail, still only accounts for 26.7% and is not, therefore, even one third of the total.
According to the data in Table 4, for over eight years the government has spent 38.5% on health, education, agriculture, infrastructure and social security. Revenue from the Timor Sea has affected government expenditure (Ministry of Finance 2012), and has therefore also boosted GDP.
Table 4 also shows that the value of exports from 2004 to 2009 is not equal to the value of imports - the average of imports value every year is around 400% more than exports value. The IMF is not correct to think that the policies of trade and investment will drive growth of production.
Conclusion
Becoming a new independent country does not mean being economically independent; international financial institutions still have a strong influence and the potential to create an unstable economic situation for a new country such as Timor-Leste. This paper has illustrated that the implementation of policies under a system of sound macroeconomic management does not guarantee growth in production and employment. We have seen that the deregulation of the taxation law, though it has had some impact on assisting with jobs creation, still does not guarantee a future secure income source, which can only be guarantee by written contracts of unlimited duration. The IMF also believes that the implementation of trade and investment policies will assist growth in production; however, this essay has demonstrated this theory to be unsound, because growth in production, as described in table 4, is only driven by government expenditure; other components of GDP do not perform nearly as well.
References
Central Bank of Timor-Leste., 2012. ‘Consumer Price Index’, available from http://www.bancocentral.tl/en/CPI.asp
Easterly, W., 2003. ‘IMF and World Bank Structural Adjustment Programs and Poverty’, National Bureau of Economic Research, Available from http://www.nber.org/chapters/c9656.pdf
International Monetary Fund., 2000. ‘East Timor: Establishing the Foundations of Sound Macroeconomic Management’, available from: http://www.imf.org/external/pubs/ft/Etimor/timor.pdf
International Monetary Fund., 2005. ‘Democratic Republic of Timor-Leste: Poverty Reduction Strategy Paper - National Development Plan, Road Map for Implementation of National Development Plan, Overview of Sector Investment Programs—Strategies and Priorities for the Medium Term’, IMF Country Report, No 05/247 Available from
http://www.imf.org/external/pubs/ft/scr/2005/cr05247.pdf
International Monetary Fund., 2007. ‘Democratic Republic of Timor-Leste: Selected Issues and Statistical Appendix’, IMF Country Report, No 07/86 Available from http://www.laohamutuk.org/misc/AMPGovt/tax/IMFcr0786.pdf
International Monetary Fund., 2009. ‘The Poverty Reduction and Growth Facility (PRGF)’, Fact Sheet, Available from http://www.imf.org/external/np/exr/facts/pdf/prgf.pdf
International Monetary Fund., 2012. ‘World Economic Outlook Database’, Data Statistics. Available from: http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?sy=2002&ey=2012&scsm=1&ssd=1&sort=country&ds=.&br=1&c=853%2C536%2C537&s=NGDPDPC%2CNID_NGDP%2CPCPIPCH%2CLUR%2CLP%2CGGR%2CGGX%2CGGX_NGDP%2CBCA%2CBCA_NGDPD&grp=0&a=&pr.x=52&pr.y=13#download
Lao Hamutuk., 2000. ‘The World Bank in East Timor’, Lao Hamutuk Bulletin, Vol 1, No 4 Available from http://www.laohamutuk.org/Bulletin/2000/Dec/bulletin04.html
Leamer, E, E., 2009. ‘Macroeconomics Patterns and Stories: A guide for MBAs’, Springer-Verlag, Berlin.
Luta Hamutuk., 2008a. ‘Indirect tax’, Fact Sheet, Vol XXVI, available from http://lutahamutuk.org/yahoo_site_admin1/assets/docs/Vol_XXVI.12723445.pdf
Luta Hamutuk., 2008b. ‘Direct tax’, Fact Sheet, Vol XXV, Available from http://lutahamutuk.org/yahoo_site_admin1/assets/docs/XXV.12731432.pdf
Ministry of Finance., 2006. ‘General Budget of The State 2005-2006: Budget Paper No 1’, Available from http://www.mof.gov.tl/wp-content/uploads/2010/07/Final_Book_I_English_August_2005.pdf
Ministry of Finance., 2008. ‘Tax and Duties Act: Decree Law No: 8/2008’, Available from http://www.mof.gov.tl/wp-content/uploads/2010/07/Taxes_and_Duties_Act_2008.pdf
Ministry of Finance., 2012. ‘Budget Documents’, Available from http://www.mof.gov.tl/category/documents-and-forms/budget-documents/budget-previous/?lang=en
Ministry of Health., 2011. ‘World Hand-Washing with Soap Day 2011 in Timor-Leste’, Press Release. Available from http://www.moh.gov.tl/?q=node/151
National Directorate Statistic., 2007. ‘Data Statistic Survey’. Available from http://dne.mof.gov.tl/TLSLS/Publication/finalstatisticalabstract.pdf
National Directorate Statistic., 2009. ‘External Trade Statistic: Annual Report 2009’, Available from http://www.dne.mof.gov.tl/trade/annualreports/Annual%20Reports/Annual%20Report%202009.pdf
National Directorate Statistic., 2010a. ‘Business Activity Survey’, available from http://dne.mof.gov.tl/TLSLS/BUSINESS%20ACTIVITY%20SURVEY/Business%20Activity%20Survey%20BAS/BAS%202010%20ENGLISH.pdf
National Directorate Statistic., 2010b. ‘Timor-Leste labour Force Survey’, Available from http://www.laohamutuk.org/DVD/docs/Timor%20Leste%20Labour%20Force%20Survey%202010.pdf
United Nations Centre for Human Settlements., 2001. ‘ From Structural Adjustment Programmes to Poverty Reduction Strategies’, Available from http://ww2.unhabitat.org/programmes/ifup/conf/HabitatPresentation-English.PDF
United Nations Development Program., 2012. ‘Human Development Report 2011’, Available from http://hdr.undp.org/en/reports/global/hdr2011/download/
United Nations Transition Administration for East Timor., 2000. ‘Taxation Law No 2000/18’, Available from http://www.un.org/en/peacekeeping/missions/past/etimor/untaetR/Reg0018E.pdf
Looking at consumption in Table 4, household consumption has gradually increased by 7.3% every year on average. The question is: who is the consumer? Where is the income coming from? If we check the proportions of sources of employment in Table 3, we can see that 54.9% of jobs are supplied by government and the public sector such as civil servants and soldiers in the military, and that this sector is the highest supplier of jobs, more than any other sector.
Lack of investment from external and internal firms has affected local factors of production. According to the data in Table 3, the private sector has struggled to guarantee secure household income. Looking back at Table 2, and combining two items such as industries and wholesale retail, still only accounts for 26.7% and is not, therefore, even one third of the total.
According to the data in Table 4, for over eight years the government has spent 38.5% on health, education, agriculture, infrastructure and social security. Revenue from the Timor Sea has affected government expenditure (Ministry of Finance 2012), and has therefore also boosted GDP.
Table 4 also shows that the value of exports from 2004 to 2009 is not equal to the value of imports - the average of imports value every year is around 400% more than exports value. The IMF is not correct to think that the policies of trade and investment will drive growth of production.
Conclusion
Becoming a new independent country does not mean being economically independent; international financial institutions still have a strong influence and the potential to create an unstable economic situation for a new country such as Timor-Leste. This paper has illustrated that the implementation of policies under a system of sound macroeconomic management does not guarantee growth in production and employment. We have seen that the deregulation of the taxation law, though it has had some impact on assisting with jobs creation, still does not guarantee a future secure income source, which can only be guarantee by written contracts of unlimited duration. The IMF also believes that the implementation of trade and investment policies will assist growth in production; however, this essay has demonstrated this theory to be unsound, because growth in production, as described in table 4, is only driven by government expenditure; other components of GDP do not perform nearly as well.
References
Central Bank of Timor-Leste., 2012. ‘Consumer Price Index’, available from http://www.bancocentral.tl/en/CPI.asp
Easterly, W., 2003. ‘IMF and World Bank Structural Adjustment Programs and Poverty’, National Bureau of Economic Research, Available from http://www.nber.org/chapters/c9656.pdf
International Monetary Fund., 2000. ‘East Timor: Establishing the Foundations of Sound Macroeconomic Management’, available from: http://www.imf.org/external/pubs/ft/Etimor/timor.pdf
International Monetary Fund., 2005. ‘Democratic Republic of Timor-Leste: Poverty Reduction Strategy Paper - National Development Plan, Road Map for Implementation of National Development Plan, Overview of Sector Investment Programs—Strategies and Priorities for the Medium Term’, IMF Country Report, No 05/247 Available from
http://www.imf.org/external/pubs/ft/scr/2005/cr05247.pdf
International Monetary Fund., 2007. ‘Democratic Republic of Timor-Leste: Selected Issues and Statistical Appendix’, IMF Country Report, No 07/86 Available from http://www.laohamutuk.org/misc/AMPGovt/tax/IMFcr0786.pdf
International Monetary Fund., 2009. ‘The Poverty Reduction and Growth Facility (PRGF)’, Fact Sheet, Available from http://www.imf.org/external/np/exr/facts/pdf/prgf.pdf
International Monetary Fund., 2012. ‘World Economic Outlook Database’, Data Statistics. Available from: http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?sy=2002&ey=2012&scsm=1&ssd=1&sort=country&ds=.&br=1&c=853%2C536%2C537&s=NGDPDPC%2CNID_NGDP%2CPCPIPCH%2CLUR%2CLP%2CGGR%2CGGX%2CGGX_NGDP%2CBCA%2CBCA_NGDPD&grp=0&a=&pr.x=52&pr.y=13#download
Lao Hamutuk., 2000. ‘The World Bank in East Timor’, Lao Hamutuk Bulletin, Vol 1, No 4 Available from http://www.laohamutuk.org/Bulletin/2000/Dec/bulletin04.html
Leamer, E, E., 2009. ‘Macroeconomics Patterns and Stories: A guide for MBAs’, Springer-Verlag, Berlin.
Luta Hamutuk., 2008a. ‘Indirect tax’, Fact Sheet, Vol XXVI, available from http://lutahamutuk.org/yahoo_site_admin1/assets/docs/Vol_XXVI.12723445.pdf
Luta Hamutuk., 2008b. ‘Direct tax’, Fact Sheet, Vol XXV, Available from http://lutahamutuk.org/yahoo_site_admin1/assets/docs/XXV.12731432.pdf
Ministry of Finance., 2006. ‘General Budget of The State 2005-2006: Budget Paper No 1’, Available from http://www.mof.gov.tl/wp-content/uploads/2010/07/Final_Book_I_English_August_2005.pdf
Ministry of Finance., 2008. ‘Tax and Duties Act: Decree Law No: 8/2008’, Available from http://www.mof.gov.tl/wp-content/uploads/2010/07/Taxes_and_Duties_Act_2008.pdf
Ministry of Finance., 2012. ‘Budget Documents’, Available from http://www.mof.gov.tl/category/documents-and-forms/budget-documents/budget-previous/?lang=en
Ministry of Health., 2011. ‘World Hand-Washing with Soap Day 2011 in Timor-Leste’, Press Release. Available from http://www.moh.gov.tl/?q=node/151
National Directorate Statistic., 2007. ‘Data Statistic Survey’. Available from http://dne.mof.gov.tl/TLSLS/Publication/finalstatisticalabstract.pdf
National Directorate Statistic., 2009. ‘External Trade Statistic: Annual Report 2009’, Available from http://www.dne.mof.gov.tl/trade/annualreports/Annual%20Reports/Annual%20Report%202009.pdf
National Directorate Statistic., 2010a. ‘Business Activity Survey’, available from http://dne.mof.gov.tl/TLSLS/BUSINESS%20ACTIVITY%20SURVEY/Business%20Activity%20Survey%20BAS/BAS%202010%20ENGLISH.pdf
National Directorate Statistic., 2010b. ‘Timor-Leste labour Force Survey’, Available from http://www.laohamutuk.org/DVD/docs/Timor%20Leste%20Labour%20Force%20Survey%202010.pdf
United Nations Centre for Human Settlements., 2001. ‘ From Structural Adjustment Programmes to Poverty Reduction Strategies’, Available from http://ww2.unhabitat.org/programmes/ifup/conf/HabitatPresentation-English.PDF
United Nations Development Program., 2012. ‘Human Development Report 2011’, Available from http://hdr.undp.org/en/reports/global/hdr2011/download/
United Nations Transition Administration for East Timor., 2000. ‘Taxation Law No 2000/18’, Available from http://www.un.org/en/peacekeeping/missions/past/etimor/untaetR/Reg0018E.pdf
