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Jakarta Post

House approves 2019 state budget

  • News Desk

    The Jakarta Post

Jakarta   /   Wed, October 31, 2018   /   07:06 pm
House approves 2019 state budget Members of the House of Representatives attend a plenary meeting in Senayan, Central Jakarta. (Antara/Hafidz Mubarak A.)

The House of Representatives passed on Wednesday the 2019 state budget bill into law in a plenary session led by House Deputy Speaker Agus Hermanto, after minor interruptions from opposition parties' lawmakers.

In 2019, the government is projected to spend Rp 2.46 quadrillion (US$161.84 billion) – comprising Rp 1.63 quadrillion by the central government and Rp 826.8 trillion by regional administrations  -- with the deficit projected at Rp 296 trillion, or 1.84 percent of gross domestic product.

Meanwhile, the government is expected to collect Rp 2.16 quadrillion in revenue in 2019.

Finance Minister Sri Mulyani pledged to spend prudently as the country was expected to continue facing global uncertainty. But the minister stressed that the government would still support programs that improve welfare.

The macroeconomic assumptions in the 2019 state budget include 5.3 percent economic growth, 3.5 percent inflation, Rp 15,000 per US dollar exchange rate, 5.3 percent three-month treasury bill rate, US$70 per barrel of oil, 4.8 to 5.2 percent unemployment and an 8.5 to 9 percent poverty rate.

Meanwhile, oil lifting and gas lifting is projected at 775,000 barrels oil per day and 1,250,000 barrels of oil equivalent per day respectively. (bbn)