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Jakarta Post

Macroeconomic figures in 2019 state budget bill still changeable, minister says

  • Anton Hermansyah
    Anton Hermansyah

    The Jakarta Post

Bogor, West Java   /   Thu, July 19, 2018   /   01:38 pm
Macroeconomic figures in 2019 state budget bill still changeable, minister says A customer counts US dollars at a money changer at the ITC Kuningan shopping center in South Jakarta. (Antara/Puspa Perwitasari)

Finance Minister Sri Mulyani Indrawati has said that the macroeconomic parameters in the 2019 state budget bill can still be changed before President Joko “Jokowi” Widodo reads the financial notes before lawmakers on Aug. 16.

She said that changes were needed, and that the ministry was following the latest economic developments.

“The 2019 budget draft will fine tuned before the financial notes are read by the President,” Sri Mulyani said after attending a Cabinet meeting at the Bogor Palace in West Java on Wednesday.

Regarding the economic growth projection, for example, the government has settled on a single of 5.3 percent, instead of indicating a range between 5.2 to 5.6 percent, as stated in the previous state budget draft.

Meanwhile, the the value of the rupiah in the 2019 draft state budget is indicated within the range of Rp 13,400 to Rp 14,000 per US Dollar.

“For the currency value, it will depend on the latest situation," she said, adding that US Federal Reserve had become more aggressive in increasing its reference rate, as indicated by statements made by Fed governor Jerome Powell on Tuesday.

"In a statement from the Fed, Powell said he would be more ambitious in hiking the Fed Fund Rate because US economic data has shown positive signs. This must be anticipated," Sri Mulyani said. (bbn)