Indonesia achieves lower budget deficit in ’24

Indonesia’s budget deficit for the fiscal year 2024 was lower than the government’s latest projection of 2.7 per cent of gross domestic product, according to Finance Minister Sri Mulyani Indrawati on Thursday.

Sri Mulyani noted that the deficit was close to the government’s target of 2.29 per cent of GDP, which she described as a significant achievement. She made these comments at a stock exchange event celebrating the new year.

“This means we closed 2024 with a relatively healthy and safe budget that will be a strong foundation for us entering 2025.” Overall revenue booked a positive growth, but came in below target, she said.

Spending increased by over six per cent in 2023, driven by election costs, new capital city construction, and welfare programmes, according to the minister. Further information will be disclosed later, Sri Mulyani stated.

Attribution: Reuters

Subediting: Y.Yasser