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Indonesia lowers budget deficit limit for 2023

The Indonesian Government has set the budget deficit limit at 2.85 - 3% of the gross domestic product (GDP), or 598.2 trillion Rp (40.5 billion USD), for 2023.
Indonesia lowers budget deficit limit for 2023 ảnh 1Indonesian President Joko Widodo (Source: Indonesian President Office )
Jakarta (VNA) – The Indonesian Government has setthe budget deficit limit at 2.85 - 3% of the gross domesticproduct (GDP), or 598.2 trillion Rp (40.5 billion USD), for 2023.

2023 is the first year the budget deficit will be returned toa maximum of 3% of the GDP, the country’s President Joko Widodo said whilepresenting the draft state budget and financial notes for the 2023 fiscal year atthe Parliamentary Complex on August 16.

The deficit would be financed by utilising safe and managedfinancing sources while maintaining fiscal sustainability, aiming to keep thedebt risk within safe limits.

Earlier, theIndonesian Government had decided to relax the deficit figure in response tothe COVID-19 pandemic. In 2020, the deficit stood at 6.09% of the GDP, comparedto the target of 6.34%.

For 2022, the maximum deficit limit has been lowered to 5.7%./.
VNA
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