These Are The Points That Change In The 2024 RAPBN

The government through the Ministry of Finance and the DPR agreed to make several adjustments to the 2024 State Budget Draft. It was stated that this step was in line with the latest economic developments and future prospects.

Minister of Finance (Menkeu) Sri Mulyani revealed that a number of important points have changed in the 2024 RAPBN, especially regarding oil prices that have moved quickly in recent times.

"If we look at the Saudi and Russian decisions to contain the amount of production, it has also caused an increase in oil prices. On the one hand, the prospects for the global economy, especially America and China, are certainly one of the factors," he said in a written statement quoted on Friday, September 8.

The Minister of Finance explained that the assumption that the price of crude oil (ICP) was adjusted to 82 US dollars per barrel and oil lifting to 635,000 barrels per day. Meanwhile, other assumptions are still in accordance with those proposed in the 2024 RAPBN.

Meanwhile, development targets and indicators did not change but added commitment to reducing extreme poverty levels at 0-1 percent as President Joko Widodo's priority agenda.

Sri Mulyani revealed that the state revenue target was increased by IDR 21 trillion from IDR 2,781.3 trillion to IDR 2,802.3 trillion.

If detailed, tax revenues increased by IDR 2.0 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, the non-tax state revenue target (PNBP) increased by IDR 19.0 trillion to IDR 492.0 trillion, influenced by adjustments to macro assumptions, service innovation efforts, and improvements to governance that will be carried out.

"We have discussed and later there will also be an additional 21 trillion for spending, meaning that this increase will not reduce the deficit. The deficit will still be maintained at 522.8 trillion in nominal terms or GDP will be 2.29. So the nominal for the deficit has not changed," he said.

The Minister of Finance explained that additional state expenditures were allocated for ministry/institutional expenditures of IDR 3.8 trillion.

Then, additional energy subsidies of IDR 3.2 trillion, compensation for fuel and electricity of IDR 10.1 trillion, and education reserves of IDR 3.9 trillion.

"The increase in energy subsidies is mainly due to adjustments to the assumption that crude oil prices and the determination of the volume that is directed to be more realistic as needed," he said.

Furthermore, the Minister of Finance explained that non-loan financing in the form of investment also experienced several changes. First, investment in SOEs or PMN increased by Rp. 12.1 trillion from Rp. 18.6 trillion to Rp. 30.7 trillion. Meanwhile, the financing reserves were transferred to PMN of 12.1 trillion.

"Thus, the composition has changed in the discussion of Panja A. There has been no total change, namely 176.2 but the composition has changed from financing reserves from 25.8 to PMN in BUMN by 12.1 so that the total PMN BUMN becomes 30.7 while the financing reserves have decreased to 13.7." he explained.