Sri Mulyani Reveals The State Budget In May 2024 Experiencing A Deficit Of IDR 21.8 Trillion

Minister of Finance Sri Mulyani. (Photo: Doc. ANTARA)

Minister of Finance Sri Mulyani Indrawati said the 2024 State Revenue and Expenditure Budget (APBN) experienced a deficit of IDR 21.8 trillion until the end of May 2024 or the equivalent of 0.1 percent of gross domestic product (GDP).

"In total, we book a deficit of Rp. 21.8 trillion, or 0.1 percent of GDP," Sri Mulyani said in a press conference on our State Budget, Thursday, June 27.

Sri Mulyani explained that the APBN deficit at the end of May 2024 came from the government which spent more money than getting income from taxes, PNBP, Customs and Excise, and grants.

The state expenditure reached Rp1,145.3 trillion or reached 34.4 percent of the specified ceiling.

Meanwhile, state revenue only reached Rp1,123.5 trillion or reached 40.1 percent of the target.

Sri Mulyani said that there was a decline in state revenue in May 2024.

One of them occurred due to the increase in the prices of various commodities.

"Although in terms of target percentage, it is quite good, but when viewed from last year in May there was a decrease (of state revenue) of 7.1 percent (yoy)," he said.

According to Sri Mulyani, although the performance of the state budget is experiencing a deficit, the primary balance at the end of May 2024 is still a surplus of IDR 184.2 trillion.

Primary balance itself is the total state revenue minus state spending outside of debt interest payments.

In addition to the commodity side, Sri Mulyani said that the deficit in May 2024 also came from the global and national economies.

This condition affects performance and makes the state budget to protect the community and the country's economy.

"We, from a global perspective, the escalation of conflicts between countries, continues to increase or even increase from month to month. This is because of the war in Ukraine, the crisis in the Middle East and also the competition between the United States and China continues to create a momentum of tension," he said.

In addition, the cycle of general elections in various countries makes the global economy slow down because it is being focused on their respective countries.