JAKARTA - The House of Representatives Budget Agency (Banggar) today held a Working Meeting with the Minister of Finance (Menkeu) Sri Mulyani, as the government's representative, regarding the current state of the 2022 State Revenue and Expenditure Budget (APBN).
Budget Agency Chairman, Said Abdullah, said that the current dynamics made the management of state finances quite vulnerable to shock. In his explanation, Said revealed several main catalyzing factors, such as the increase in energy commodity prices, pressure on the rupiah exchange rate triggered by the monetary policies of developed countries, spikes in inflation, and the geopolitical situation.
"This has consequences on the state budget posture and causes an emergency in the 2022 state budget", he said when opening a meeting at the Parliament Complex on Thursday, May 19.
According to Said, changes occur in the state spending sector, which must be able to offset the burden of energy subsidies to be able to maintain people's purchasing power.
"What we should be grateful for is that we can fulfill the addition of several state expenditure posts with the estimated increase in state income. The government estimates an increase in state revenue to IDR 2,266 trillion from the original plan in the 2022 State Budget of IDR 1,846 trillion", he said.
Said added that the increase in state income was contributed by tax and non-tax revenues from the increase in various export commodities, namely CPO and coal.
"Through the change in the composition of state revenues and expenditures, we are grateful that our APBN deficit as proposed by the government can even be lower, from 4.85 percent of GDP to a range of 4.3 to 4.5 percent of GDP", he said.
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"The lower changes in the 2022 deficit plan will make it easier for the government to softland to a position below 3 percent of GDP next year", he continued.
On the same occasion, Minister of Finance Sri Mulyani explained that state spending is projected to increase by IDR 392.3 trillion from the previous IDR 2,714.2 trillion to IDR 3,106.4 trillion.
The increase was mainly triggered by an increase in the burden of energy subsidies (fuel and electricity) from the initial ceiling of IDR 134 trillion for this year to IDR 208.9 trillion.
Please note that this figure does not include the value of energy compensation. So, if the subsidy and compensation are combined, it is found that the cost outlook value reaches IDR 443.6 trillion. Even though the allocation at the beginning of the year was only IDR 152.5 trillion.
"The increase in oil prices and no price adjustment policy has caused the burden of subsidies and compensation to increase significantly", said Minister of Finance, Sri Mulyani.
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