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View all search resultsMacroeconomic assumptions realistic, House says
The speaker of the House of Representativesâ Commission XI, which oversees finance and banking, Fadel Muhammad, said that he was optimistic that Indonesiaâs macroeconomic assumptions in the 2016 State Budget draft bill (RAPBN) would be achieved because they had been discussed for a long time and were based on realistic calculations
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he speaker of the House of Representatives' Commission XI, which oversees finance and banking, Fadel Muhammad, said that he was optimistic that Indonesia's macroeconomic assumptions in the 2016 State Budget draft bill (RAPBN) would be achieved because they had been discussed for a long time and were based on realistic calculations.
'I'm optimistic because we have no choice. If we cannot achieve the targets, our people will be disappointed,' he said as quoted by Antara after a House of Representatives' plenary meeting in Jakarta on Friday.
Fadel said Indonesia's macroeconomic assumptions, such as an economic growth target of 5.5 percent, was realistic.
'Last year, the country's economic growth assumption was set at 5.7 percent, but the result was much lower than what had been targeted. Therefore, the government now needs to lower its target to 5.5 percent. It has no more choice,' said Fadel.
President Joko 'Jokowi' Widodo conveyed the 2016 RAPBN and the state financial note in the plenary meeting led by House speaker Setya Novanto.
Other macroeconomic assumptions in the 2016 RAPBN included an inflation rate of 4.7 percent, an Indonesian Crude Prices (ICP) assumption of $60 per barrel, an oil-and-gas production target of 1.98 billion barrels per day equal to oil, in which oil production is targeted to reach 830,000 barrels per day and gas set at 1.15 million barrels per day equal to oil. Meanwhile, the three-month SPN (treasury bill) rate would be at 5.5 percent.
President Jokowi urged Indonesian people to remain optimistic in facing both global and national economic cycles even if those cycles seemed unpromising.
'It is not the first time we have encountered economic fluctuations. We have faced such fluctuations several times. We should be optimistic that we can pass through the current situation safely,' said Jokowi. (ebf)(+++)
