Indonesia’s budget deficit forecast to reach 2.2-2.5 pct of GDP
Indonesia's state budget deficit is expected to reach 2.2-2.5 percent of the country’s gross domestic product (GDP) this year as the new coronavirus-caused acute respiratory disease (COVID-19) has hindered global economic activities, Finance Minister Sri Mulyani Indrawati said.
Indonesia Finance Minister Sri Mulyani Indrawati (Photo: //antaranews.com)
Jakarta (VNA) - Indonesia's state budget deficit is expected to reach 2.2-2.5 percentof the country’s gross domestic product (GDP) this year as the new coronavirus-causedacute respiratory disease (COVID-19) has hindered global economic activities,Finance Minister Sri Mulyani Indrawati said.
The COVID-19 outbreak has suppressed the projection ofrevenue in the state budget due to the disruption in supply and demand in the globalsupply chain, Indrawati said at a press conference on March 9.
The sluggish demand has undermined the prices of commodities,including Indonesia's export commodities.
This has implicated the state revenue, for instance, from theoil and gas sector. The revenue from taxes in some sectors was also affected bythe change in the business performance due to COVID-19.
The minister said, amidst the stagnating revenue, the Indonesiangovernment has tried to optimize expenditure to increase fiscal contribution tothe economy, as it would need stimulus from fiscal instruments to minimize theimpact of global economic pressures.
The Finance Ministry has worked closely with the CoordinatingMinistry for Economic Affairs to prepare a fiscal policy to anticipate globaluncertainty in the first quarter of 2020, she added./.
The Indonesian government has expanded the budget deficit to 2.2 percent of the gross domestic products (GDP) followed the potential short fall on tax revenues around 200 trillion Rp (14.29 billion USD).
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Indonesia Finance Minister Sri Mulyani Indrawati (Photo: //antaranews.com) 
