Sri Mulyani Predicts State Revenue to Increase by Rp420 Trillion

20 May 2022 09:07 WIB

Finance Minister Sri Mulyani Indrawati chaired the Finance Ministers and Central Bank Governors Meeting (FMCBG) meeting at the Jakarta Convention Center, Jakarta, Thursday 17 February 2022. The meeting which took place on 17-18 February 2022 was a series of meetings on the Financial Path in the G20 Indonesia Presidency which carries six priority agendas, namely an exit strategy to support a fair recovery, discussion of the scarring effect to secure future growth, payment systems in the digital era, sustainable finance, financial inclusion, and international taxation. ANTARA PHOTOS/Hafidz Mubarak A/POOL

TEMPO.CO, JakartaFinance Minister Sri Mulyani estimated that state revenue will increase by Rp420 trillion from Rp1,846 trillion to Rp2,266.2 trillion in 2022.

“This means that Indonesia is facing problems, but they are relatively better,” said Sri in a meeting with the Budget Committee of the House of Representatives (DPR) which was broadcasted virtually on Thursday, May 19, 2022.

She explained that the additional income would be used to protect the people, economy, and state budget. All of them are vital and so the ministry could not choose one.

The former managing director of the World Bank outlined that this additional state revenue comes from tax revenue which was predicted to reach Rp1,784.0 trillion or up by Rp274.0 trillion from the initial target and non-tax state revenue or PNBP which was thought to hit Rp481.6 trillion or up by Rp146.1 trillion from the previous projection.

With a surge in revenue, she acknowledged that there was actually an option to suppress the budget deficit. However, it will be used to boost subsidies in order to protect the people, such as social assistance.

This, Sri Mulyani went on, was also aimed at protecting the economy as it will create momentum for economic recovery from consumption. Meanwhile, she estimated that state spending will reach Rp3,106.4 trillion, an increase of Rp392.3 trillion from the previous projection of Rp2,714.2 trillion.

These adjustments are noted in the state budget changes in response to global economic conditions and rising commodity prices.

MUHAMMAD HENDARTYO

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