Wow! Sri Mulyani Says Potential State Loss Touches IDR 900 Billion Due To The Ban On CPO Exports

JAKARTA - The Ministry of Finance (Kemenkeu) has calculated the value calculation related to the policy of banning exports of crude palm oil or CPO which was implemented some time ago.

The Director-General of Customs and Excise at the Ministry of Finance, Askolani, said that the potential for lost state revenue was large due to the stipulation of this prohibition.

"The impact on the receipt of export duties is around IDR 900 billion in one month," he said to the media crew on Monday, May 23.

Not only that, Askolani noted that the foreign exchange value that had evaporated from the abolition of CPO exports was estimated at US$2.2 billion.

"The impact of this restriction, we also calculate that we will reduce at least 1.6 million tons of CPO and its derivatives within one month," he said.

On the same occasion, the Minister of Finance (Menkeu) Sri Mulyani ensured that the projected state revenue would not be disrupted in the implementation of the policy of prohibiting the sale of CPO abroad.

“In the assumptions that we made and submitted to the DPR, we have included an element of a CPO export ban which is less than one month. So there is no change from our estimated revenue," said Minister of Finance Sri Mulyani.

As is known, President Joko Widodo decided to reopen the faucet for CPO exports starting today, Monday, May 23, with one of the considerations being the increasing supply of cooking oil to meet domestic needs.