Indonesia parliament committee approves govt’s $216.3 billion 2024 budget

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)

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