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Sri Mulyani Discloses State Budget Deficit at Rp21 Trillion

24 June 2024 20:46 WIB

TEMPO.CO, JakartaFinance Minister Sri Mulyani Indrawati announced that the State Budget has a deficit of Rp21.8 trillion as of May 2024. This amount is equivalent to 0.10 percent of the country’s gross domestic product (GDP).

However, she assured that the figure remained at a safe level. “The deficit position is 2.29 percent of GDP. So now it is 0.10 percent, it is still relatively on track,” Sri said in a press conference on the Draft State Budget 2025 at the Directorate General of Taxes Office in Jakarta on Monday, June 24, 2024.

This year, the government has set the budget deficit in the range of 2.2 percent of GDP, while next year’s deficit is targeted at 2.29-2.82 percent of GDP. 

The state treasurer stressed that the budget performance could not be separated from the dynamic global environment.

The deficit occurred amid the decline in annual state deposits or revenues. State revenues in May amounted to Rp1,123.5 trillion, or a negative growth of 7.1 percent year-on-year. This was due to the 8.4 percent annual decline in tax revenues, especially from companies whose commodity prices have declined, such as mining and crude palm oil (CPO) companies.

Non-tax revenues also experienced a decline, growing only 3.3 percent in May, compared to 16 percent in the same period last year. “Again, this is because natural resources contribute quite large revenues,” Sri outlined.

Customs and excise also contracted with a growth of 7.8 percent compared to the same period last year of 15 percent. The minister noted that as of May 2023, state revenues reached Rp1,123.5 trillion, while state spending hit Rp1,145.3 trillion.

Therefore, Sri Mulyani said the central government together with ministries, institutions, and regional governments continued to take measures to maintain development priorities and economic growth without making the state budget a source of vulnerability.

ILONA ESTHERINA

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