Deputy Minister of Finance Suahasil Nazara on Monday ensured that management of the state budget remains credible, transparent, and accountable amid the transition period to a new government.

He underlined that Indonesia has experienced several general elections during which the state budget’s accountability and transparency were maintained.

“The implementation of the 2024 state budget and the preparation of the 2025 state budget will be carried out in accordance with the cycle that has been agreed upon with the parliament,” he noted.

He remarked that various earlier experiences are the basis for improvements that could push Indonesia’s state budget to be better and benefit the people.

Moreover, the Ministry of Finance will continue to manage the fiscal deficit in line with the applicable laws by issuing responsible debt instruments and taking into account global conditions and situations.

The ministry will also continue state budget management efforts to increase the tax ratio, such as through tax reforms conducted through core tax system development and the integration of citizen identification numbers (NIKs) with taxpayer numbers (NPWPs).

Nazara highlighted that Indonesia’s state budget management has been adaptive in responding to the economic dynamics during the COVID-19 pandemic and the recovery period.

“Indonesia’s state budget management has received various international awards, and I believe that it will continue,” he stated.

The state budget experienced a surplus of Rp22.8 trillion (around US$1.44 billion) as of March 15, 2024. State revenue was recorded at Rp493.2 trillion, or 17.6 percent of the target of Rp2,802.3 trillion.

State spending was recorded at Rp470.3 trillion (around US$29.78 billion), or 14.1 percent of the budget ceiling of Rp3,325.1 trillion. Meanwhile, the primary balance was recorded at Rp132.1 trillion.

Source from ANTARA NEWS

Original News HERE