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View all search resultsRI unveils bigger stimulus worth $47.6b to fight coronavirus impacts
The government projects the state budget deficit to reach 6.34 percent of GDP, up from the previous estimation of 6.27 percent.
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Adrian Wail Akhlas
The Jakarta Post/Jakarta
The government unveiled on Wednesday a bigger stimulus package worth Rp 677.2 trillion (US$47.6 billion) to anchor the virus-battered economy, the growth of which is expected to fall to a level similar to that of the 1998 Asian financial crisis.
The latest budget, which is higher than the Rp 641.17 trillion initially allocated, aims to strengthen the healthcare system, direct more spending toward social protection to boost consumption and provide incentives to rescue Indonesian businesses from bankruptcy and workers from layoffs.
Finance Minister Sri Mulyani Indrawati said the government had put in place support measures to counter an economic fallout from the coronavirus pandemic, adding that the government would again revise the macroeconomic assumption underpinning the state budget to cover for the larger stimulus package.
“This is a thorough stimulus package to support people’s purchasing power and businesses,” Sri Mulyani told reporters in a livestreamed news conference. “We are hoping that this stimulus can maintain our economic growth at above zero percent.”
The Indonesian economy grew 2.97 percent year-on-year (yoy) in the first quarter, the weakest in 19 years, as household spending and investment growth plunged as the outbreak hit economies around the world.
