The government of Timor-Leste discussed the payment of its debts owed to the country’s incumbent telecoms operator Timor Telecom (TT) during an extraordinary meeting of the Council of Ministers, held on 2 July 2014. A statement on the government’s website says that ‘the cabinet discussed the issue with a view to finding an effective solution to the debt payment’. According to Noticias ao Minuto, news agency Lusa cites a source at the telecoms company as saying that the state’s debts exceed USD7.5 million. TeleGeography’s GlobalComms Database notes that the Timorese government owns a 20.59% stake in TT, while the largest shareholder is Portugal Telecom (PT) with a 44.17% direct interest. TT won a tender launched by the United Nations (UN) and the Timorese government to construct the island’s telecommunications infrastructure in July 2002 and went on to launch commercial services on 1 March 2003.