JAKARTA (Reuters) – Indonesia’s parliamentary budget committee on Tuesday approved President Joko Widodo’s budget for 2024, his final year in office with a total spending of 3,325.1 trillion rupiah ($216.27 billion, the committee chair said.
The agreed spending is representing a fiscal deficit equal to 2.29% of gross domestic product or slightly lower than 2023’s outlook of 2.30%.
The president had in August proposed spending of 3,304.1 trillion rupiah. The 2024 budget assumes economic growth of 5.2%, unchanged from the government’s proposal.
The revenue target was approved at 2,802.3 trillion rupiah ($182.24 billion) or larger than the proposed 2,781.3 trillion rupiah, as the government expects higher income from the oil and gas sector. committee chair Said Abdullah said in a livestreamed meeting with the government on its budget proposal.
The budget committee’s decision is expected to be approved by a wider parliamentary vote at a later date.
Other economic assumptions were unchanged from previous approval from the committee earlier this month.
($1 = 15,375.0000 rupiah)
(Reporting by Stefanno Sulaiman; Editing by Kanupriya Kapoor, Martin Petty)
