The budget for President Joko Widodo’s final year in office, 2024, with a total spending of 3,325.1 trillion rupiah ($216.27 billion), was approved by Indonesia’s parliamentary budget committee on Tuesday, according to the committee chair.
The agreed spending amounts to a fiscal deficit of 2.29% of GDP, which is just under the forecasted level of 2.30% for 2023.
In August, the president had suggested spending 3,304.1 trillion rupiah. The government’s proposed economic growth rate for 2024 is maintained at 5.2%.
As the government anticipates more revenue from the oil and gas sector, the revenue target was authorized at 2,802.3 trillion rupiah ($182.24 billion) or higher than the requested 2,781.3 trillion rupiah. In a livestreamed meeting with the government regarding its budget proposal, committee chair Said Abdullah said.
The resolution of the budget committee is anticipated to be ratified by a later, larger parliamentary vote.
The committee’s earlier approval of the other economic assumptions remained the same.