President Joko Widodo's budget for 2024, his final year in office, targets expenditure at 3,325.1 trillion rupiah ($216.27 billion), up 6.45% from 2023's outlook to account for higher energy subsidies amid rising global oil prices.
The fiscal budget proposal was approved by the budget committee chaired by Said Abdullah.
Finance Minister Sri Mulyani Indrawati highlighted the risk of rising global crude oil prices to the budget next year.
The committee approved a revision to the total energy subsidies by about 2% higher to 189.1 trillion rupiah versus 185.9 trillion rupiah in the initial proposal.
For 2024, the budget assumes a lower inflation at 2.8% versus 3.1% in 2023'outlook and a slightly higher economic growth at 5.2% compared to 5.1% in the 2023's outlook.
Persons:
Joko, Said Abdullah, Sri Mulyani Indrawati, Sri Mulyani, Josua Pardede, Josua, Stefanno Sulaiman, Kanupriya Kapoor, Martin Petty
Organizations:
El, Finance, Bank Permata, El Nino, Thomson
Locations:
El Nino, JAKARTA, Indonesia's