The Posture Of The 2024 State Budget Is Getting More Formed, This Is The Result Of Sri Mulyani's Meeting With The DPR

Photo: Doc. Ministry of Finance

Minister of Finance (Menkeu) Sri Mulyani today completed the temporary posture of the Draft Law (RUU) of the State Budget for Fiscal Year 2024 together with the DPR Budget Agency.

In a working meeting held at the Senayan Parliament Complex, Jakarta, it was known that several points of the government's proposal had changed.

However, the majority of fiscal assumptions remain the same as the President said on August 16.

"The 2024 State Budget Architecture is designed to be able to respond to the dynamics of the economy, answer challenges, and support development agendas," said the Minister of Finance on Thursday, September 7.

It was stated that the basic assumption of macroeconomics was aligned with the latest economic developments and future economic prospects.

Therefore, the assumption that crude oil prices (ICP) rose to 82 US dollars per barrel. Then, oil lifting increased to 635,000 barrels per day.

"Other assumptions are still in accordance with those proposed in the 2024 RAPBN," he said.

In detail, the tax revenue target increased by IDR 2 trillion to IDR 2,309.9 trillion, mainly driven by the implementation of the coretax system, forensic digital activities, and maintaining the effectiveness of implementing tax reforms.

Meanwhile, non-tax state revenues (PNBP) increased by IDR 19 trillion to IDR 492.0 trillion, mainly influenced by adjustments to macro assumptions, service innovation efforts, and improvements to governance that will be carried out.

With the projected increase in state revenues of Rp. 21 trillion (tax + PNBP), it is then channeled to state expenditures with an energy subsidy of Rp. 3.2 trillion each, compensation for fuel and electricity of Rp. 10.1 trillion.

Furthermore, the education reserve fund is IDR 3.9 trillion. And the last one is ministry/institutional spending of IDR 3.8 trillion.

"On the designed composition, the fiscal deficit has not changed and remains under control at IDR 522.8 trillion or 2.29 percent of gross domestic product (GDP)," said the Minister of Finance.

For information, starting from the 2024 State Budget, the government and the House of Representatives agreed to include a new category in the target and indicators of development in 2024, namely the extreme poverty level.

The following are basic macro assumptions and development indicator targets in the 2024 RAPBN:

Macro-basic assumptions

- Economic Growth 5.3 percent- Inflation 2.8 percent- rupiah exchange rate of IDR 15,000 per US dollar- State securities interest rate of 10 years 6.7 percent- Indonesian crude oil price (ICP) 82 US dollars per barrel- Oil lifting 635,000 barrels per day- Gas lifting of 1.03 million barrels oil equivalent per day- state revenue of IDR 2,802.3 trillion - State expenditure of IDR 3,325.1 trillion- budget deficit of 2.29 percent of GDP (equivalent to IDR 522.8 trillion) Development indicators.

- Open unemployment rate 5.0 percent to 5.7 percent- poverty rate 6.5 percent to 7.5 percent- Extreme poverty rate 0 to 1 percent- Gini ratio 0.374 to 0.377- Human Development Index 73.99 to 74.02- Farmer Exchange Rate (NTP) 105-108-Financial Exchange (NTN) 107-110