Indonesia Parliament Passes Budget For 2024

Indonesia’s parliament has passed President Joko Widodo’s 3,325.1 trillion rupiah ($216.06 billion) budget for 2024, his final year in office, with a fiscal deficit of 2.29% of gross domestic product.

The budget assumes economic growth of 5.2%, which is slightly higher than 2023’s outlook of 5.1%, and a state revenue target of 2,802.3 trillion rupiah.

Meanwhile, the government increased its price assumption for crude oil to $82 per barrel next year from an earlier estimate of $80, in the face of rising global costs.

Jokowi as the president is known is focusing on completing his key projects and policies by the end of his second and final term next year, including toll roads, smelters, and a government center in the new capital city.

Report says Southeast Asia’s biggest economy will hold its biggest-ever election next year, with over 200 million people voting for the president and legislative posts.

REUTERS/Christopher Ojilere