Indonesia parliament committee approves govt’s USD216.3bn 2024 budget

  • 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 IDR3,325.1tn (USD216.27bn, 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 IDR3,304.1tn. The 2024 budget assumes economic growth of 5.2%, unchanged from the government’s proposal.
  • The revenue target was approved at IDR2,802.3tn (USD182.24bn) or larger than the proposed IDR2,781.3tn, 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.

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