The Jakarta Globe are reporting on a recent announcement from the Indonesian government that there has been a 45.6-percent rise (year-on-year) in state revenue in the first four months of the year. State revenue totalled IDR 853.6-trillion from January through to April, representing almost 46-percent of the targeted revenue for 2022.
This will result in more than IDR 100-trillion surplus in the state budget as Indonesia begins to see signs of economic recovery after the COVID-19 Pandemic.
Finance Minister Sri Mulyani Indrawati said a news conference recently, “the growth is remarkable because we also saw a 32.1-percent rise last month, meaning that we are gaining pace.”
According to government data, tax revenues surged by 51.5-percent to IDR 567.7-trillion; income from excise and import duties rose by 37.7-percent to IDR 108.4-trillion, and non-tax revenues saw a 35-percent rise to IDR 177.4 trillion.
“The positive trend of state revenue will continue, supported by commodity prices, export and import activities, as well as recovery in household consumption. State revenue is expected to continue to grow as economic activities are returning to normal,” Sri Mulyani said.
State spending reached a total of IDR 750.5-trillion in the last four months, a slight increase of 3.8-percent on total spending in the same period of last year.
Central government spending totalled IDR 508-trillion while financial transfers to regional governments amounted to IDR 242.4-trillion.
Sri Mulyani suggested government spending will grow significantly in the coming months due to an increase in fuel subsidies amid soaring oil prices and expenses in the social assistance programs.
“The primary balance [of the state budget] was positive at IDR 220.9-trillion, a leap from last month’s IDR 94.7-trillion surplus. Please note that last year the primary balance suffered a IDR 36.5-trillion deficit,” she said.
“Overall our state budget enjoys a surplus of IDR 103.-trillion, compared to a deficit of IDR 138.2-trillion last year.”
Source: Jakarta Globe