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View all search resultsThe Finance Ministry has managed to surpass its 2022 state-revenue target, thanks to strong economic recovery and high commodity prices, allowing the government to achieve faster-than-planned fiscal consolidation with the budget deficit already falling to below 3 percent a year earlier.
The House of Representatives passed the 2023 state budget bill into law, restoring a targeted shortfall of below 3 percent, which has been detaining Indonesian fiscal expansion for the past three years due to the COVID-19 pandemic.
The Finance Ministry estimates the amount of debt issuance this year will fall to Rp 958.1 trillion, which is 18.6 percent less than the initial target, while tax revenue collection could reach Rp 1.17 quadrillion this year, leaving a shortfall of just Rp 53.3 trillion from the initial target.
A House commission has grilled Defense Minister Prabowo Subianto over his US$125 billion defense spending proposal to upgrade military equipment, when the state is pulling out all the stops to contain the pandemic and recover the economy.
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