Indonesia finmin proposes 2021 budget deficit at 3.21%-4.17% of GDP

  • Indonesia’s finance minister proposed on 12 May 20 to parliament a budget deficit of 3.21%-4.17% of gross domestic product for 2021, with the aim of supporting economic recovery after the coronavirus pandemic is over.
  • Sri Mulyani Indrawati also proposed basing that budget on the assumptions that the yield of the benchmark 10-year bond would be within a range of 6.67%-9.56% and the rupiah exchange rate would average at 14,900-15,300 a dollar in 2021.
  • Indonesia’s 2021 economic growth is assumed at 4.5%-5.5%, with inflation rate at 2%-4%, Indrawati said, matching figures she has announced in Apr 20.
  • The country’s oil lifting in 2021 is expected at 677,000-737,000 barrels per day, while gas lifting is seen at 1.085 million-1.173 million barrels of oil equivalent per day, Indrawati said.

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