The Macro Assumptions Of The 2023 RAPBN Approved By The DPR, Sri Mulyani Continues State Budgeting For Next Year

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - The Ministry of Finance (Kemenkeu) stated that the Budget Agency of the DPR RI has approved the 2023 State Revenue and Expenditure Budget Plan (RAPBN) and the 2023 Government Work Plan (RKP) that had been submitted by the previous government.

Finance Minister Sri Mulyani said that the RKP theme chosen for next year was Productivity Improvement for Inclusive and Sustainable Economic Transformation.

"The policy strategy that will be implemented by the government is focused on strengthening the quality of human resources (HR) through policies in the fields of health, education, and social protection, accelerating infrastructure development, strengthening bureaucratic reform, revitalizing industry, and developing a green economy," he said on Monday, 27 June.

According to the Minister of Finance, the Macroeconomic Framework and Fundamentals of Fiscal Policy (KEM PPKF) for 2023 was prepared in the midst of an increasingly strong economic recovery.

However, it is believed that the global economy is still overshadowed by the risk of uncertainty triggered by the Russia-Ukraine geopolitical conflict which has an impact on significant increases in energy and food commodity prices.

"On the other hand, the impact of the scarring effect triggers supply disruptions that lead to high inflation increases in several countries," he said.

Furthermore, the Minister of Finance explained that the policy response taken by the government was an effort to maintain the momentum of economic recovery while at the same time carrying out structural reforms in order to encourage economic transformation to increase national productivity.

Comprehensive fiscal reforms are claimed to be able to optimize revenue, strengthen spending quality and efficiency, and sustain financing.

“Today's results will certainly be our preparation for drafting the 2023 RAPBN. However, as we said, the dynamics are still very high. Don't wait until later because we are bound by assumptions while the situation moves very quickly, then we are bound until next year," Minister of Finance Sri Mulyani said.

Meanwhile, the basic macroeconomic assumptions in the 2023 RAPBN that have been agreed upon are economic growth of 5.3 to 5.9 percent, an inflation rate of 2 to 4 percent, the rupiah exchange rate of Rp. 14,300 to Rp. 14,800 per US dollar, the interest rate of Government Securities 10 years 7.34 to 9.16 percent.

Then, the price of Indonesian crude oil is 90 to 110 US dollars per barrel, oil lifting is 660 to 680 thousand barrels per day, and natural gas lifting is 1,050 to 1,150 thousand barrels of oil equivalent per day.

Meanwhile, the agreed development targets are a poverty rate of 7.5 to 8.5 percent, an open unemployment rate of 5.3 to 6 percent, a Gini ratio of 0.375 to 0.378, a human development index of 73.31 to 73.49, a farmer's exchange rate of 105 to 0.37. 107, and the fisherman's exchange rate is 107 to 108.