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Jakarta Post

Stimulus package approved, raised

  • Aditya Suharmoko

JAKARTA   /   Wed, February 25 2009   /  08:48 am

Legislators approved late on Tuesday a provision in the 2009 state budget that enables the government to unleash its much-needed stimulus package, and even increased it by Rp 2 trillion (US$176 million) to help shield the economy from the global economic meltdown. The provision centers on Article 23 of the state budget, which can be used under "emergency" conditions only. "The emergency conditions constitute, among others, economic growth plunging 1 percent below the government's assumption and the significant rise in government bond yields," said Suharso Monoarfa, vice chairman of the House of Representatives' budget committee. The Rp 2 trillion increase, which puts the total stimulus at Rp 73.3 trillion, will be allocated to finance infrastructure projects, which lawmakers consider of high importance to generate employment to protect "people's ...